Private equity firm Wolseley Private Equity is seeking A$300m ($279m) for its third fund.
The new fund will invest in six companies with enterprise values of A$30m to A$120m and an EBITDA of between $7m and $15m, according to the Asian Venture Capital Journal.
Wolseley director Richard Burrows said, “That is where we see the greatest opportunity. A lot of privately-owned Australian companies are in this segment and many of them face succession challenges over the next 5-10 years.
The fund follows the firm’s second vehicle, which was closed on A$235m in 2008.
Wolseley’s marketing efforts will be aided by its successful exit from Australian childcare service provider Guardian Early Learning Group, which generated a return of 2.3 times and a 40 per cent IRR.
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