Good evening,

Pacific Equity Partners has a new line of business brewing on the side.

Street Talk hears the country’s largest private equity firm is quietly raising capital for PEP Gateway, which wants to set up a fund-of-funds offering for SMSF and high net worths.

It’s a departure from PEP’s usual set of patrons that include pension funds, sovereign wealth funds and other institutional investors.

So other local PE firms will be keeping a close watch to gauge if it’s something they can try out with their businesses.

Elsewhere, country lifestyle clothing brand Ringers Western is headed towards a float with an ex-RM Williams boss in tow; Iluka spin-off Deterra Royalties has spiked hopes for $350 million worth of acquisitions; and furniture business Amart has rounded up brokers for its IPO.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors