Good evening,

Remember Tor Investment Management, the fund that tried to blow up Bain Capital’s Virgin Australia deal last year?

It’s back, and this time it has been more successful.

Tor is understood to have beaten a handful of other credit investors to sign a deal to bankroll Australian toxic waste play Tellus Holdings.

Tor is expected to cut a $120 million cheque, and replace a pair of sharp-nosed funds in Tellus’ debt stack, after a process run by Moelis and J5 Capital.

Elsewhere, we had the scoop on AustralianSuper’s move to call in the bankers to test appetites in a $2 billion-odd stake in Ausgrid on Tuesday. Barrenjoey Capital and Jefferies have that gig, with a sale flyer expected to hit potential buyers’ desks late next month.

Finally, small-cap investor Microequities Asset Management is joining the private-to-public bandwagons, with a new $50 million fund expected to target the next batch of IPO hopefuls.

Happy reading,
Sarah Thompson, Anthony Macdonald and Yolanda Redrup

Street Talk editors