Good evening,

Lock up your mansions and your boats, the Caledonia crews are cashed up! Street Talk has seen the latest performance numbers out of the Sydney-based high-conviction investment shop and they are juicy.

Thanks to turnarounds in some of its big bets and piling into the market while others were bailing earlier this year, Caledonia's having a massive year.

While it's good news for investors, it also spells huge paydays for its top investors. We asked some consultants how much they thought Caledonia may collect in performance fees this year.

Elsewhere, bids are in for the biggest Australian hotel portfolio to hit the market, which is a bunch of Travelodges. And private equity firm Anacacia Capital has a new deal.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors