Perennial is back in fundraising mode, hitting up wholesale investors for its new private investments fund despite a tough few years in unlisted markets.
The reasons given for the raise are unsurprising – private markets have lower valuations and attractive terms compared to public markets. With a limited supply of capital heading for later-stage private growth companies, Perennial reckons now is the right time to take advantage of signs of an increase in corporate activity, namely M&A and IPOs, describing the dynamic as “the perfect sweet spot” to be launching a new fund.
Perennial’s tour of private/pre-IPO land has been a mixed bag. It’s had some big wins, its first fund returning a staggering 52.6 per cent in financial year 2022 as the low-interest rate environment and COVID-19 lockdowns boosted valuations for its private growth stage business mattress and furniture company Koala. But, like many in the sector, it’s run into difficulty as private valuations fluctuated and the path to IPO for its later-stage companies became complicated.
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