Anacacia Capital launches Fund IV; first close in October
Spring has sprung, and so has a new buyout fund.
Anacacia Capital’s Jeremy Samuel with team.
Sydney-based private equity investor Anacacia Capital is ready to start raising its Fund IV, whose preparations Street Talk spotted back in June.
The 10-year fund will target mid-market buyouts and is slated for a September 28 launch. It is eyeing between $100 million to $150 million for its first close, with a mandate to go as high as $450 million eventually.
It’s Anacacia’s first fund-raising in five years and the first close is expected to be mopped up by October end. The firm would be hoping to match the speedy raise for Fund III – $300 million within a month – but investors are much more tight-fisted right now than they were in 2018.
And so fund-raising documents seen by Street Talk were at pain to drive in performance credentials.
Investors are being told at 3.45-times net return, Anacacia Partnership I is the best performing among 102 Australian buyout funds across all vintages to June 30, per data provider Preqin’s tally. It was tailed by Growth Fund 2 (2.89-times), Archer Capital Fund II (2.78-times), Quadrant Capital Fund 2 (2.57-times), and PEP’s Fund II (2.53-times).
All those funds were investing at different times and in different universes. Anacacia Partnership I, in particular, began in 2008 and was a beneficiary of being able to take its picks from the post-GFC carnage. Its founder Jeremy Samuel is telling investors there are some similarities to 2008 – and hence opportunity for Fund IV to make decent returns.
Otherwise, the playbook is the same as previous funds – profitable companies usually with $20 million to over $500 million revenue, often via family succession planning needs.
“We have identified and
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