During the September 2023 quarter, VPESO completed the secondary acquisition of a $6 million investment commitment and the underlying investments in the Growth Fund III.
The Growth Fund III, managed by Sydney, Australia based firm The Growth Fund Pty Ltd, led by Craig Cartner, Tim Spencer, Scott Greck and Jose Matosantos is a 2016 vintage year fund with $450 million in commitments focused on investing into the lower to mid-market buyout sector in Australia and New Zealand in companies that have enterprise values of generally between $20 million to $150 million.
The Growth Fund was established under the ownership of Archer Capital through the creation of the lower to middle market buyout focused fund in 2006. In 2013 The Growth Fund Pty Ltd was established and is now operationally and economically independent of Archer Capital and is led by its Managing Partners.
The Growth Fund III’s investment strategy focuses on middle-market sized companies that have the potential for growth and value creation. The success of the firm can be attributed to its expertise in identifying and investing in businesses with strong growth potential, while also providing management support to enable the businesses to
achieve their growth objectives. The firm’s investment philosophy is centred on building long-term partnerships with its portfolio companies, which enables the firm to provide the support and guidance required for sustained growth.
At the time of acquisition, the Growth Fund III had completed 12 investments, of which 1 portfolio company had been sold. The following table provides a summary of Growth Fund III’s remaining portfolio of investments
