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PE-backed Australia pub fund targets IPO - report

  • Andrew Woodman
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Australian Pub Fund, which is backed by M.H. Carnegie & Co. and Australian superannuation fund Sunsuper, is said to planning an IPO on the Australian Securities Exchange.

According to The Wall Street Journal, the fund - which is chaired by former Qantas Airways CEO Geoff Dixon - is likely to list by the first quarter of 2014. The Pub Fund's other shareholders include Paddy Coughlan and John Singleton.

The fund's portfolio includes around 15 bars and pubs in Australia's New South Wales and Queensland states, with the Marlborough Hotel and Kinselas Bar in Sydney, and the Elephant Arms and Stock Exchange Hotel in Brisbane among its flagship assets. The fund's market value will likely be around A$350 million (US$325 million).

M.H. Carnegie & Co. is looking to raise A$300 million for its second fund - Carnegie Private Opportunities Fund No.2 - which was launched last November, to be split across venture capital and other investments. The firm is said to have deployed around 60% of its A$170 million debut fund.

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