Good morning,

To say it’s been a busy couple of years for The Growth Fund would be a massive understatement.

The mid-market private equity shop has put bulk-billing medical specialist Quantum Radiology on the block, started rustling up buyers for Ekera Dental, taken leasing specialists CompassCorp to the shop, and marketed the country’s biggest car share business, GoGet.

Although it still has a couple of companies left in the portfolio, the dealmaking frenzy raises a key question: is it curtains for TGF?

Street Talk understands the firm isn’t planning to restock its acquisition coffers following a partnership breakdown between its three key players – Craig Cartner, Tim Spencer and Scott Greck – who are eager to pursue their own projects, according to investor sources.

Don’t feel too bad. The trio made a killing on selling hair-removal and cosmetic-injectables roll-up Laser Clinics to KKR in 2017.

Happy reading,

• Carlyle-backed Amp Energy puts renewables portfolio on the block via BofA
• ASX aspirant Cuscal valued at as much as $736 million
• Allons y! ACCC ruling lures offshore investors to EastLink
• Judo Bank looks to get ahead of APRA with first-ever hybrid deal

• Virgin Australia posts first profit in more than a decade, writes Ayesha de Kretser.
• US employees at Deloitte took home a bigger share of the accounting and consulting firm’s revenues in the past year after hiring battle, The Financial Times reports.
• Birkenstock Holding’s IPO arrives amid an uncertain market, the last of four major new listings to test the market, Bloomberg reports.

Sole lead manager Bank of America has put a $564 million to $736 million value range on ASX-aspirant Cuscal, which implies 18.1-times to 23.6-times financial year 2024 estimated proforma earnings.

Click here for the latest equity market wrap.