Market Insight - June 2024

When two growing investment tribes come together…

The Private Capital and Family Office Hook Up

Surely it was inevitable and certainly no surprise to us here at JMES that the ever-increasing thirst for funding that fuels the juggernaut asset class that is private capital would turn its attention to the ever-increasing pool of money sitting behind the once secretive doors of the family office. Whilst it is unclear as to who took the lead in this burgeoning relationship, what is undeniable is that the resultant blossoming romance has seen a resultant win-win for both parties.

We love a statistic here at JMES so here goes: the surge in family office appetite for private capital has seen it go from a 7% exposure in 2019 to 36% in 2023. In addition, there is now a 45% global allocation by family offices in alternatives generally. How the numbers work the other way I would hesitate to guess, but I am sure the FUM source mix for private capital managers has likewise tilted in favour of the family office community.

Anyway, the hiring upshot has seen a number of private capital managers hiring distribution/capital raising executives with a proven rolodex of family offices, whilst the family offices have been hiring staff to seek and assess private capital opportunities or even in some cases build out their own private capital teams that they have been prepared to seed with their own money. This last trend could be likened to the creation of the love child of the private capital meets family office hook up perhaps?

What else lies in store for this growing relationship? Well like another series of Netflix’ Bridgerton… watch this space.

“Movers & Shakers”

BANKING & MARKETS

Investment Banking

• Michael Hufton who was Head of Transport & Transportation Infrastructure with Morgan Stanley Sydney, has joined Deutsche Bank in Hong Kong as Co-Head of Infrastructure & Utilities Asia Pacific there.

• Simon Reith has joined as Partner, M&A with Deloitte from Resolute Advisory.

• Richard Hunt, Ian Holmes and Steve Hawkins who were all ex UBS & Fort Street Advisers, have set up corporate advisory firm Denison Partners.

• Krishan Sivayogarayan (ex UBS Associate Director, Investment Banking, FIG), Calvin Ching (ex UBS Investment Banking Analyst), Tom Ebeyan (ex Flagstaff Partners) & Travis Wu (ex Jefferies Investment Banking Analyst, ECM) have joined Barrenjoey as Principals in the Corporate Finance for Financial Services & Technology, General Industrials and the Private Equity teams.

• Nathanael Nighjoy previously with Record Point, has joined Jefferies as Vice President, Investment Banking.

• Ellisa Bennett has joined RBCCM as an Investment Banking Associate in the Technology team. She has prior experience with Blackbird Ventures.

• Christine Manungas joins Standard Chartered Bank in their M&A Metals & Mining team, Christine has earlier experience with Treadstone Resource Partners & Wesfarmers.

• Paolo Petruccelli has joined Azure Capital as a Senior Associate, from Bank of America where he was a Vice President.

• Spencer Rath & Gleb Kuznetsov have joined Goldman Sachs as an Investment Banking Associate & Investment Banking Analyst respectively. Spencer was previously with JP Morgan, while Gleb  was with Flagstaff Partners.

• Edra Tong (ex Metrics Credit Partners) & Talya Bassin (ex KPMG) have joined Flagstaff Partners as Investment Banking Analysts.  

• Amy Shi has joined MA Financial Group as an Investment Banking Analyst from Deloitte.

Corporate Banking / Debt Products / Risk Management

• Natasha Kemp has joined ING as Director, Food, Beverage & Agribusiness from ANZ Bank where she was Executive Director, Institutional Banking.

• Anne-Maree Moussa previously with Commonwealth Bank, has joined MUFG as Director, Real Estate Finance.

• Keith Mitchell previously Director, DCM with Citi has joined BNP Paribas as Head of Western Australia & Director, Corporate Clients Group.

• Oliver Jacobson, ex Westpac has joined Societe Generale as Director, Metals, Mining & Industries.

• Sachin Kumar, ex Westpac has joined NAB as Director, Growth & Origination.

• Milan Senicic has joined Siemens AG as Executive Director, Origination from PwC where he was Director, Debt & Capital Advisory.

• Richa Mishra previously with Bank of America, has joined Westpac as Director, Institutional Banking Real Estate.

• David Balint has joined Export Finance Australia as Domestic Sector Lead, Project & Structured Finance. David has prior experience with Nexsphere & earlier with ANZ.

• Nick Bloor, ex Nomura US has joined MUFG as Director, Leveraged Finance.

• Sunny Balusu, ex NAB has joined Natixis CIB as Vice President, Infrastructure & Energy Finance.

• Kate Tsaregorodtseva, ex Westpac has joined DBS Bank as Vice President, Cash Management & Payments.

• Timothy D’Cruz previously with HSBC in leveraged & acquisition finance,, has joined Brookfield Asset Management’s capital markets team.

• Parth Nathani has joined Macquarie’s structured lending team from Credit Suisse’s APAC Financing Group where he was an Associate.

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Global Markets (FICC & Equities) / Treasury

• Baden Moore has been appointed as Head of Resources & Energy Research with CLSA. He has experience with NAB most recently & Goldman Sachs prior.

• Shayne Nicol previously with Commonwealth Bank, has joined Charter Hall as Senior Treasury Manager.

• Jon Scholtz resources specialist with Macquarie has joined Argonaut Securities.  

• James Marocchi, ex JP Morgan Sydney & New York, has joined Mineral Resources in Perth as General Manager, Treasury.

• Thomas Dutka previously of PATRIZIA, has joined Morningstar as Director of Manager Research.  

• James Cornell joins RBCCM as Director, Equity Research Sales from JP Morgan.

• Franky Vong from Mizuho’s derivative solutions team, has joined Barclays as Vice President, Risk Solutions.

• Joshua Lang, ex HSBC has joined Natixis as Vice President, DCM.

• Talaesin Hayes has joined Barclays as Analyst, DCM from HSBC.

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ALTERNATIVE INVESTMENTS

Private Equity / Family Office / Venture Capital

• Signe Brandt who was Managing Director with Oak Hill Advisors has joined Global Alternative Funds’ Sydney office.

• Adam Gregory formerly CEO of Light Warrior has joined Dennis Bastas’ DBG Health as CIO.

• Alicia Gregory joins Blue Owl Capital in a Managing Director role after spending 5 years with Future Fund, most recently as Deputy CIO.

• Lucinda Abood has joined Five V Capital as an Operating Advisor from Direct Group where she was Chief Transformation Officer & COO. Morgan Duke joins the team as an Investment Manager from Navis Capital & Andy Cheung has also joined the team from Quadrant Private Equity where he was an Investment Analyst.

• James Fahey previously of Partners in Performance, has joined Washington H. Soul Pattinson as an Operations Director, Private Equity.

• Brett Owen previously a Director with Seek Investments, has joined Armitage Associates as an Investment Director.  

• Tatiana Jimmieson, previously Vice President, DCM with Credit Suisse has joined Anacacia Capital.

• Antonia Mijatovic has joined Airtree as an Investment Manager from Barrenjoey where she was a Founding Principal.

• Harry Osti has joined TPG as Investment Professional from Citi where he was Investment Banking Associate.

• Oscar Perryman has joined For Purpose Investment Partners as an Investment Associate from Bank of America.

• Sasha Kockan previously Investment Banking Associate with Bank of America, has joined Anchorage Capital Partners as an Investment Associate.

• Julia Jin, ex Houlihan Lokey has joined Aware Super as an Investment Analyst, Private Equity.

• Alex Woolcott previously with McGrathNicol, has joined Yorkway Private as an Investment Associate.

• Abbie Wang joins Whiteoak as an Investment Associate. She previously worked for Bombora Investment Management.

• Peter McIntosh, ex Light Warrior is joining Privatus Capital Partners as a Senior Associate.

• Ehren Heilman who has prior experience with Pemba Capital Partners, has joined Goldstone Private Equity as an Investment Associate.

• Heath Gabbett has joined Potentia Capital as an Investment Associate from BCG.

• Zach Tucker previously from Jarden, has joined BGH Capital in Melbourne as an Associate.

• Liam Humphrey, ex UBS has joined MLC Asset Management as a Private Equity Associate.

• Tani Hasson Joins Quadrant Private Equity as an Investment Analyst, prior she was with MA Financial Group.

• Parin Desai has joined The Eights as a Private Equity Analyst from Poynton Stavrianou.

• Anthony Fong previously Investment Banking Analyst at Record Point, has joined Elanor Investors Group as an Investment Analyst.

• Sam Humphry, ex Rothschild & Co has joined Ellerston Capital as an Investment Analyst.

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Private Credit / Special Situations

• Violeta Kelly has been appointed as Head of Long-Term Debt & Debt Advisory with Tanarra Capital. She joins from Grant Samuel.

• Ruby Siu has joined Aquasia as a Distribution Specialist from BOCI in Hong Kong.

• Tanya Hoshek has joined Arrowpoint Capital as Head of Distribution & Investor Relations. Tanya was previously with La Trobe Financial as EGM, National Distribution.

• Kim Kitchen who was Executive Director with Alteris Private, has joined Barrenjoey as Principal, Private Capital.

• Kartik Yadav has joined PGIM Private Capital as a Director from PwC.

• Richard Batten previously with FTI Consulting, has joined Roadnight Capital as an Investment Associate.

• Tommy Hsiao has joined Rothesay as an Associate in their structured finance team from Citi where he was Analyst, Financing & Securitisation.

• Nicholas Lane, ex Societe Generale has joined BlackRock as Associate, Private Credit.

• Vladimir Miladinovic previously with RBCCM, has joined MA Financial Group as Investment Executive, Global Credit Solutions.

• Michael Kwon has joined Goldman Sachs as an Analyst in the Private Credit & Hybrid Capital Investing team from Morgan Stanley.

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Real Assets - Infrastructure / Renewables / Energy / Real Estate

• Justin Bailey previously Senior Managing Director with Laing, has joined Arena REIT as CIO.

• Paul Maguire has joined QIC in Melbourne as Partner, Infrastructure, Energy & Utilities. Paul was most recently Executive General Manager with  LUMEA & earlier President & CEO Asia Pacific with ENGIE in Singapore.

• Sam Pearce has been appointed as CEO with Collgar Renewables. Sam was Partner, Asset Management with QIC.

• Scott Morgan has been appointed as Partner, Real Estate Finance with Remara. He previously held roles with Trilogy & 360 Capital.

• Harsh Narang of Blackstone has joined Rava Partners as an Executive Director for their real estate private equity division.

• Will Thomson, formerly of Jarden, joins BlackRock in Auckland to lead their climate infrastructure team.

• Matt Holmes & Andrew Kropman who were both prior with Macquarie Asset Management, have joined Invalorem as Senior Vice President & Chief Operating Officer respectively.

• Mike Pyke, ex MA Financial Group’s Head of Institutional Capital, has joined JLL as Executive Director & Co-Head Equity Advisory ANZ.

• Biljana Nikolova previously of NAB, has joined Social Ventures Australia as Director Impact Investing, Funds Advisory.

• Alex Lai has joined Qualitas as Director, Equity Investments from Planum Partners where he was an Associate Director.

• Cam Bailey who has prior experience with Macquarie Capital’s Infrastructure & Energy Group, has joined Brookfield Asset Management as Vice President, Investments, Renewable Power & Transition.

• Cathy Chen previously with BlackRock’s climate infrastructure team, has joined Sosteneo Infrastructure Partners as a Senior Investment Associate.

• Irene Lee, ex PwC’s energy transition M&A team, has joined Squadron Energy as an Associate.

• Alyssa Ng has joined IFM Investors as an Analyst, Infrastructure from ICA Partners where she was an Investment Banking Analyst.

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FUNDS MANAGEMENT

Distribution & Advice

• Brendon Rodda, formerly of PIMCO has joined Allianz Retire+ as Chief Distribution Officer, Wealth Management

• Yossi Kraemer has been appointed as Co-head of Capital Partnerships & Director Funds Management with Salter Brothers. He was previously Head of Distribution with Schroders RF.

• Sophie Metcalfe has joined Maple-Brown Abbott in a BDM role from Schroders.

• Stuart Raynes has joined Mercer Superannuation as a Growth Leader. He has prior experience with JP Morgan as Head of Investor Client Management ANZ.

• Annabelle Kline, ex Macquarie, joins BT as Chief Product Officer.

• Jude Fernandez, ex Copia Investment Partners, has been appointed as Head of Intermediary Sales for Schroders Australia.

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Investments

• Salim Ramji has been appointed as the new CEO of Vanguard, he was most recently heading up BlackRock's iShares & index investments.

• Corrin Collocott previously CIO Mercer Super & Multi Sector, has joined IAG as EGM & CIO.

• Mary Manning prior with Alphinity Investment Management & Ellerston Capital has been appointed the inaugural CIO of the National Reconstruction Fund Corporation.

• Nick O’Neil has joined AustralianSuper as Head of Australian Real Assets from Macquarie Asset Management (New York) where he was Senior Managing Director. Rory Shapiro previously with Dexus as Investment Director, Infrastructure Equity, has also joined the company as an Investment Director.

• James Koval  has joined the Association of Superannuation Funds of Australia (ASFA) as their Head of Policy & Advocacy.

• Sophie Jelleff joins HESTA as their Head of Investment Execution. She previously held GM & Director roles with NAB & Citi respectively.

• Mathew McCrum has been appointed as Head of Fixed Interest with UniSuper, prior to this role Mathew was with Plato Investment Management as a Senior Portfolio Manager.

• Billy Leung joins Global X ETFs as an Investment Strategist.  He was previously with Haitong International Securities in Hong Kong.

• Tina Steele, ex Morgan Stanley Real Estate Investment team has joined Australian Retirement Trust as Portfolio Manager, Global Real Assets, Real Estate.

• Emily Macpherson joins Future Fund as Economics & Capital Markets Analyst she has prior experience with JP Morgan where she was Equity Strategy Analyst & Head of ESG Research, Australia.

• Johanna Platt joins Equity Trustees as CFO.  She previously held CFO roles with Vanguard & Iron Mountain.

• Nga Lucas is OC Funds Management latest addition, joining from the Australian Foundation Investment Company as a Portfolio Manager. She will be looking after the midcap fund.

• Roy Harrison & Vedant Virmani have joined Magellan Financial Group as Investment Analyst. Roy joins from Bank of America & Vedant joins from UBS.

• Patrick Broger has joined the Seek Investments team as Associate Director, Fund Operations from E&P Financial Group.

• Rachael Boyte previously of Macquarie Asset Management has joined Aware Super’s Macro Strategies team.

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CORPORATE / GOVERNMENT / C-SUITE

• Andrew Pears has joined Permaconn as Group CEO. Andrew has prior experience with Fitness and Lifestyle Group as well as Citi earlier in his career.

• Joann Lewis previously EGM, M&A and DFP Program Owner with IAG, has joined Woolworths as General Manager, Finance Systems Transformation.

Branko Yu has also joined the group as a Senior Associate from Rothschild & Co.

• Merran Edwards previously with Investa Property Group, has joined The GPT Group as CFO.

• Calen Wright has joined Athena Home Loans as Head of Finance, Planning & Corporate Development from Bank of America’s investment banking team.

• Leo Bautista who was previously General Manager, Group Strategy, M&A with Commonwealth Bank, is joining Lendi as their CFO.

• Nick Bishop has joined PlasmaLeap Technologies as CFO. Nick has prior experience as Managing Director with Gresham Partners & was Head of Australian Fixed Income at Aberdeen Standard Investments.  

• Catherine McCormack who was Head of Energy & Infrastructure with Jarden, has been appointed as CFO with CitiPower, Powercor and United Energy.

• Patrick Boocock previously CEO, Private Equity Alternative Assets with CapitaLand, has joined Ausgrid as Group CFO.

• Natalie Kelly has permanently joined HESTA as their CFO after first taking on the role on an interim basis. She has prior held a number of senior roles with Bupa and Medibank.

• Craig Stevens who was Head of Strategic Growth, Performance & Service Delivery with Vanguard, has joined Aware Super as Head of Corporate Development.

• Karen Frketic who has earlier experience with The Anglican Schools Corporation & Moelis, has joined Roc Partners as Head of Finance.

• Mark Rose has joined Housing Australia as Associate Director, Transactions from Commonwealth Bank.

• Stephanie Sumich, ex Macquarie, has joined BHP in Brisbane as Lead Principal, Business Development.  

• Emily Williams previously with Sydney Airport, has joined Cleanaway as Senior Manager, Strategy and M&A.

• Wesfarmers has hired Emma Tearne as General Manager, Business Development & Nicholas Fine as Manager, Business Development. Emma was previously with McKinsey & Company & Nicholas was previously with Rothschild & Co.

• Emily Close, ex of Immutable has joined Employment Hero as General Manager, Business Operations.

• Michael Page who was previously Executive Director, Corporate Finance with ANZ New York, has joined the National Reconstruction Fund Corporation as Director, Investments.

• Aaron Tang has joined Salesforce as a Sales Development Representative from UBS’ investment banking team.

• Samantha Hill, ex Bank of America has rejoined PwC as Senior Manager, Valuations.

• Lyann Hoang who was an Investment Banking Associate with RBCCM, has joined ROLLER’s finance team.

• Kate Li previously with Morgan Stanley as an Investment Banking Analyst, has joined Dexus as a Strategy & Corporate Transactions Analyst.

• Matthew Planinic has joined Glencore as a Senior Business Analyst from Deloitte’s M&A Valuations team.

• Chris Barbarossa joins Nickel Industries from Cleanaway where he was Senior Analyst, Strategy & M&A.

• Jared Bellas, ex Forsyth Barr Auckland, has joined Treasury Wine Estates in Melbourne as a Senior Analyst, M&A.

• India Allen has joined First Sentier Investors as a Strategy Analyst from UBS’ investment banking team.

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