Affinity loses Australia head

Sutton told the partners that he wanted to take some time off and had no immediate plans, according to a source familiar with the situation. The Australian Financial Review – which first broke the news of Sutton’s imminent departure – reported that he intends to raise a $1 billion fund for deployment in Australia and New Zealand.

Joining Affinity in 2004 after stints with UBS and EY, Sutton built out the firm’s presence in Australia. The team now comprises eight members, including two partners – of which Sutton is one – and two directors. Sam Johnson, the other partner, will become country head. Johnson moved to Affinity in 2005 from Credit Suisse.

The PE firm secured two exits from its Australia in the space of three weeks in late 2019. TEG, an event promotion and ticketing business carved out from Nine Entertainment in 2015, was sold to Silver Lake for A$1.3 billion ($880 million). The return, in Australian dollar terms, is 2.6x. Affinity also exited its 35% stake in Virgin Australia’s frequent flier business via a buyback for A$700 million. The GP invested A$336 million in 2014, supporting the deal with leveraged finance.

Affinity’s remaining portfolio companies in the country include debt and trade finance provider Scottish Pacific and clinic management software developer Medical Director.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• People
• GPs
• Australia
• Affinity Equity Partners
• Appointments