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Pacific Equity Partners (PEP) is a private equity investment firm focusing on transactions in Australia and New Zealand. PEP invests across a range of industries and sectors, in turnaround and growth capital transactions. By 2023, The Australian Financial Review reported PEP to be Australia's largest private equity firm.[1]

Key Information

It is also said to be Australia's oldest private equity company.[2] The firm, based in Sydney, was founded in 1998 by Rickard Gardell, Paul McCullagh, Simon Pillar and Tim Sims. All but McCullagh previously worked together as executives at Bain & Company.[3][4]

PEP has generated several buyout funds for investors. By 2022, these funds had $8.6 billion under management.[5] By 2025, these funds had $14 billion under management.[6]

Investments

[edit]
Frucor, who now produce Mizone drinks, was the first investment made by the firm.

Since its establishment in 1998, the firm is understood to have completed 40 private equity buyouts by 2023.[2] Apart from buying and operating large companies, PEP has made 100 "bolt-on" acquisitions in the same 25-period, these are smaller firms, bought and merged with portfolio companies, for their strategic value.[7]

PEP claims to have "at least doubled" investor monies in 12 of its previous 13 deals, which have included the purchase, restructure and resale of several Australian and New Zealand companies such as Spotless, Hoyts and Frucor.[2][8] The one business in this set that did not double its value was Patties, being resold at a multiple of 1.7, due to low post-Covid earnings for that food group.[9][10]

History

[edit]
Pacific Equity Partners is based in Deutsche Bank Place, close to Sydney Harbour

Pacific Equity Partners was founded in Sydney, Australia, in 1998.[11] The founders came from the consulting and banking sectors: Rickard Gardell, Tim Sims, Simon Pillar all from Bain & Company; and Paul McCullagh, from Salomon Brothers.[12]

The company's NZ$50 million deal to purchase Frucor was partially funded by Bain Capital[13] and helped by Mitt Romney, who worked for Bain Capital at the time.[14] This became A$300 million for the company's first fund. Pacific Equity Partners sold half of their Frucor stake at an initial public offering, valuing the company at NZ$200 million. The remaining half was sold to Danone at a valuation of NZ$300 million. PEP investors made over 10 times a return on their investment in the deal.[13]

In two early deals with New Zealand–based Frucor (1998) and Vertex plastics (2000–2002), within months following an initial public offering, the companies lowered profit targets and saw share prices initially fall, until recovering after a subsequent takeover. The New Zealand Herald wrote that Vertex "remains a public relations headage for the firm".[13]

The New Zealand Herald in 2007 reported favorable reviews of PEP's management style from leaders of companies that it had taken private, including from Guardian Healthcare, Communications Group, Tegel Foods, and Griffin's Foods. According to them, PEP was focused on long-term revenue growth and profitability for the involved companies, and not on "financial wizardry".[13]

In 2008, PEP Fund IV closed with $2.7 billion in equity capital.[15]

In 2006, PEP and Unitas Capital purchased a majority stake in New Zealand–based Independent Liquors for NZ$1.2 billion on a A$600 million equity investment.[16] PEP had a 43.9% stake.[17] In 2011, Asahi Breweries purchased Independent Liquors for NZ$1.5 billion.[17] PEP made about 1.5 times their initial investment.[16] In 2013, Asahi sued PEP and the other sellers, alleging deceptive conduct that overvalued the sale. The case was settled with a A$199 million payment from PEP, Unitas, and their insurers to Asahi.[18]

In 2015, PEP raised PEP Fund V for A$2,100,000,000. It exited in 2023 and earned investors a 100% return. The fund made and realized eight profitable investments in eight years, an unusual feat.[2]

In 2017, co-founder McCullagh left the partnership but remained at the firm as an adviser.[12]

In 2017, PEP took legal action against private equity firm Adamantem Capital, claiming that its founders, former PEP employees, used confidential information at their new company. The legal action was denied and the court ruled that PEP must pay all legal costs.[19]

In 2020, PEP raised A$2.5 billion for PEP Fund VI.

In 2023, the Australian Financial Review reported that PEP created a Gateway fund for high–net worth individuals to be able to invest in a suite of private equity funds from sources including PEP, Bain Capital, and Nordic Capital, and Leonard Green & Partners.[20][21]

In 2025, the company closed PEP Fund VII for A$3.2 billion.[22] PEP made a bid for Johns Lyng, an insurance repair company, for A$1.1 billion.[22] As of June 2025, the bid was accepted and pending closing.

Culture

[edit]

According to the Australian Financial Review, Pacific Equity Partners focuses on "apprenticeship" style modeling, hiring only junior staff and training them over time to build a strong internal culture. The investing decisions and compensation are based on a team level to avoid "hero culture".[2]

PEP screens about 120 buyout candidates per year and typically executes two buyout deals per year. PEP focuses on purchasing companies in mature, stable markets with a potential for growth of at least double earnings, with an exit path after five to seven years.[2][22]

The company's headquarters are in Deutsche Bank Place, Sydney.[23][24]

References

[edit]
[edit]
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Pacific Equity Partners

View on Grokipedia
from Grokipedia
Pacific Equity Partners (PEP) is an -based private markets fund manager headquartered in , specializing in private equity investments across and . Founded in 1998, the firm has grown to become Australasia's largest private markets manager, overseeing A$18 billion in (AUM) as of September 2025 and executing over 200 investments with a total enterprise value of A$54 billion as of September 2025. PEP's investment approach emphasizes partnerships with management teams to drive transformational value creation in resilient businesses, employing a disciplined, team-based strategy informed by the founders' backgrounds in strategy consulting. The firm operates across four core strategies: , focusing on buyouts and ; Secure Assets, targeting stable income-generating investments; PEP Credit, providing credit solutions and tailored financing; and PEP Gateway, offering access to diversified private markets opportunities. Since inception, PEP has delivered an average net (IRR) of 28% per annum across its closed-end funds, with all mature funds ranking in the top two quartiles of performance. The firm's senior team brings over 650 years of collective experience in consulting, acquisitions, and , underscoring its commitment to trust, , and alignment of interests—evidenced by team members investing personally in its funds. PEP has been a signatory to the (UNPRI) since 2012 and holds Climate Active certification for its operations, which are powered by ; its FY24 carbon footprint was 2003 tonnes of CO2 equivalent. Notable accolades include Private Equity Firm of the Year from the Australian Investment Council (AIC) in 2024 and 2025, as well as recognition among Preqin's Top 20 Consistent Performers globally.

Overview

Founding and Operations

Pacific Equity Partners was established in 1998 in , , by a group of executives with extensive experience in consulting and . The founders included Rickard Gardell, a former Director at with 14 years of consulting across , , and ; Paul McCullagh, a former Managing Director at with 20 years in ; Simon Pillar, a former Partner at who had worked as a in the , , and ; and Tim Sims, former Chairman and Managing Director of 's Australasian and African operations. This team leveraged their combined expertise to create a firm dedicated to investments in the Australasian region. The company's headquarters are located at Level 31, 126 Phillip Street, NSW 2000, , serving as the central hub for its operations. Pacific Equity Partners primarily focuses on transactions and investments targeting companies with principal operations in and . Its investments span a diverse range of sectors, including consumer products, healthcare, , and , emphasizing opportunities where the firm can support management teams in enhancing operational performance and market positioning. From its inception, Pacific Equity Partners has emphasized mid-market companies, particularly those with enterprise values between A$200 million and A$1 billion, allowing for targeted value creation through strategic acquisitions and growth initiatives. This approach has underpinned the firm's operational strategy, fostering long-term partnerships with businesses in the region. Over time, the firm has expanded its scale, now managing A$18 billion in across various strategies.

Assets Under Management and Scale

Pacific Equity Partners manages A$18 billion in (AUM) across its various investment strategies as of 2025. This represents significant growth from earlier figures, including approximately A$12 billion reported in early 2024 and A$8.7 billion in 2023. The firm oversees multiple funds, with committed capital exceeding A$8.6 billion by 2022 across its vehicles. In , Pacific Equity Partners launched Fund VII, targeting A$3 billion, which closed at a record A$3.2 billion hard cap in August 2025 despite challenging fundraising conditions in the region. As Australasia's largest private markets firm by AUM, Pacific Equity Partners holds a leading market position and is recognized as Australasia's oldest , founded in 1998. The firm has completed 46 platform buyouts and over 170 bolt-on acquisitions as of 2025, demonstrating substantial scale in transaction activity. Pacific Equity Partners maintains a strong track record of returns, with an average net (IRR) of 28% per annum across its closed-end funds since inception. Its PEP Gateway fund, an evergreen vehicle providing access to for individual investors, has delivered up to 20% net returns in 2024 and 19% in 2023.

Investment Strategies

Private Equity Funds

Pacific Equity Partners' private equity funds focus on control-oriented buyouts of mid-market companies primarily in and , emphasizing operational improvements and value creation through close partnerships with management teams. This approach involves identifying resilient businesses with untapped potential and implementing strategies such as restructuring, cash flow optimization, and add-on acquisitions to drive growth, having executed over 170 bolt-on deals across 46 platform investments historically. The funds are structured as closed-end vehicles with a typical 10-year lifecycle, designed to provide institutional investors, including superannuation funds, with exposure to high-return opportunities in diverse sectors like industrial services, , consumer products, entertainment, and . Investment criteria prioritize companies demonstrating strong cash flows, scalable business models, and significant potential for expansion through , while excluding sectors such as start-ups, unprofitable operations, , gaming, , weapons, and . The average hold period for investments is 5-7 years, allowing time for value-enhancing initiatives to mature before exits. Key fund vintages include Funds IV, V, and VI, which have been fully invested or realized, alongside Fund VII, which closed in 2025 at A$3.2 billion, marking the firm's largest flagship raise to date. These funds target enterprise values between A$200 million and A$1 billion, leveraging PEP's operational expertise to achieve targeted gross internal rates of return exceeding 20%.

Alternative Investment Products

Pacific Equity Partners offers a range of products designed to provide diversified access to private markets beyond its core buyout strategies, emphasizing lower volatility, options, and targeted returns for a broader base. Secure Assets investments focus on stable, income-generating assets in sectors such as , transport, utilities, and renewables, aiming for protected cashflows and operational improvements with a target gross IRR of 14-16%. These closed-ended funds, including Secure Assets Fund I (fully invested) and Secure Assets Fund II (currently investing), prioritize lower volatility compared to traditional while targeting mid-market opportunities in and . The PEP Gateway, launched in 2023, is a semi-liquid evergreen fund that provides individual investors with access to co-investments and secondaries from top global managers, offering regular liquidity and diversified exposure to high-quality assets. In March 2025, the fund expanded to include advised investors beyond high-net-worth individuals through an open-ended feeder structure, broadening participation in private markets. It has received a 'Recommended' rating from Lonsec Research as of October 2025. Capital Solutions delivers bespoke financing options, including mezzanine debt and preferred equity, to portfolio companies or third parties, with an emphasis on cash yield and capital preservation through senior and structured credit investments. This open-ended fund targets a net IRR of 10% and operates across and , providing flexible solutions for growth or stabilization needs. Single Asset vehicles enable direct investments in specific opportunities, such as continuation funds or targeted sector plays, exemplified by the 2022 Smart Metering Fund for energy infrastructure. These structures allow for focused exposure to high-conviction deals, including global single-asset secondaries, without the broader diversification of flagship funds.

Portfolio

Current and Target Investments

As of 2025, Pacific Equity Partners maintains an active portfolio of platform investments across and , emphasizing value creation through operational improvements and strategic expansions. Representative current holdings include Intellihub, a leading provider of smart metering and services that supports utilities in deploying advanced for management. Another key asset is iNova Pharmaceuticals, a consumer healthcare company focused on branded over-the-counter and prescription medicines, acquired in 2017 in partnership with , with PEP retaining an interest following the 2022 sale of the majority stake to TPG Capital. In the healthcare space, the firm holds interests in entities like Healthe Care, which operates a network of private hospitals and day surgeries, and Opal Healthcare, 's largest residential aged care provider (acquired a 50% stake in May 2025), both targeted for growth in essential services amid demographic shifts. Recent portfolio enhancements in 2024 and 2025 have included bolt-on acquisitions to bolster existing platforms, alongside new platform deals funded primarily through PEP Fund VII. Notable additions encompass SG Fleet, a mobility and fleet management provider serving corporate clients across , , and the , acquired in April 2025 to capitalize on electrification trends. Similarly, FMH Group, a supply chain and logistics efficiency network integrating 4PL services and carrier operations, was acquired in March 2025, enhancing PEP's exposure to transport and industrial services. These moves reflect ongoing bolt-on activity, with over 170 such transactions historically executed to accelerate revenue growth and geographic reach without the risks of standalone acquisitions. Looking ahead, Pacific Equity Partners targets prospective investments in resilient sectors including industrial services, energy transition (such as and ), consumer products, , big data and , healthcare, and , , utilities, data and , and social and agricultural . The firm prioritizes ESG-integrated opportunities, such as decarbonization initiatives and sustainable product development, to align with global trends toward environmental responsibility and long-term value resilience. Typical deal sizes range from A$50 million to A$300 million in equity per investment, focusing on mid-market companies with strong competitive moats and potential for 15-20% annual profit growth through .

Past Investments and Exits

Pacific Equity Partners (PEP) has executed numerous successful exits since its in 1998, realizing value through a mix of trade sales, initial public offerings (IPOs), and secondary buyouts across its portfolio companies. By 2025, the firm had completed over 40 full buyouts, with funds managed or advised by PEP engaging in approximately A$54 billion in transactions, including both acquisitions and exits. These outcomes have contributed to an average net (IRR) of 28% per annum across its closed-end funds. One of PEP's early notable investments was in Frucor Beverages, acquired in 1998 for A$50 million from the New Zealand Apple and Pear Marketing Board. The company, a leading producer of energy drinks and juices, was sold to Groupe Danone in 2002 for €140 million (approximately A$245 million at the time), delivering a significant multiple on invested capital through operational growth and market expansion under PEP's ownership. Similarly, in the consumer goods sector, PEP acquired Peters Food Group, an iconic Australian ice cream brand, in 2012 for A$245 million and sold it to R&R Ice Cream in 2014 for approximately A$450 million, achieving value creation via brand revitalization and supply chain efficiencies. In the entertainment industry, PEP purchased Cinemas in 2007 for an enterprise value of A$440 million and exited the investment in 2014 through a sale to Chinese investor Sun Xishuang for nearly A$1 billion, more than doubling the initial investment amid a period of network expansion and digital upgrades. More recently, PEP acquired , a manufacturer of frozen pies and pastries, in 2016 for A$232 million and sold it in 2022 to PAG as part of a combined transaction valued at A$550 million that included Vesco Foods, reflecting sustained revenue growth and strategic acquisitions like Leader Products during PEP's hold period. These exits highlight PEP's preference for trade sales as a primary , supplemented by IPOs and secondary transactions when market conditions align. PEP's track record underscores a focus on operational enhancements, such as cost optimization, portfolio bolt-ons, and management team strengthening, which have driven multiple expansions of 3-5x in select deals like Frucor and . This approach has enabled consistent value realization, with over 170 bolt-on acquisitions supporting platform growth prior to exits. By prioritizing sectors like consumer goods and services, PEP has built a for delivering strong returns through disciplined execution.

History

Establishment and Early Years

Pacific Equity Partners (PEP) was established in 1998 in , , at a time when the market in the region was emerging and lacked a formal structure. The firm was founded by Tim Sims, Rickard Gardell, Simon Pillar, and Paul McCullagh, who brought expertise from strategy consulting at and , having previously led one of Australasia's largest and most successful consulting practices. This background enabled the founders to apply proven value-creation strategies to buyouts in a market previously dominated by informal dealmaking. PEP positioned itself as a pioneer by focusing on leveraged buyouts (LBOs) in , mature businesses with growth potential, drawing early support from institutional investors like the . In 1999, PEP raised its inaugural fund, PEP Fund I, marking the first dedicated LBO fund in and and helping to build the necessary financial, legal, and infrastructural ecosystem for in the region. The fund targeted mid-market buyouts, but the nascent industry presented significant challenges, including limited understanding of Australia's for such vehicles and a scarcity of supporting services like specialized lenders and advisors. These hurdles were compounded by the global economic slowdown following the dot-com bust, which tested the firm's ability to establish a local track record amid reduced and caution in the early 2000s. Despite this, PEP's disciplined approach to sourcing and executing deals allowed it to navigate the volatility effectively. PEP's initial investments under Fund I emphasized consumer and industrial sectors, seeking companies with strong fundamentals that could benefit from operational improvements. Notable early deals included the acquisition of Frucor Beverages, a consumer goods company, in 1998 and a co-investment in Vertex Group, an industrial packaging firm, in 2000. These investments demonstrated PEP's strategy of partnering with management to drive earnings growth through cost efficiencies and expansion. The firm's first major exit came in 2002 with the sale of its stake in Frucor Beverages, achieving a successful return and validating its model in a challenging environment. By 2003, additional exits like Vertex further solidified PEP's early reputation, with the firm having completed around 15 investments overall from Fund I.

Key Milestones and Growth

Pacific Equity Partners demonstrated significant growth in the mid-2000s through successful fundraisings that scaled its operations amid challenging economic conditions. In 2006, the firm closed its third fund, PEP Fund III, at A$1.3 billion, marking a substantial increase from prior vehicles and establishing PEP as a major player in the Australian landscape. This was followed by the closure of PEP Fund IV in 2008 at a record A$4 billion, achieved during the Global Financial Crisis, reflecting strong investor confidence and the firm's ability to navigate market volatility for recovery and expansion. Subsequent funds continued this trajectory, with PEP Fund V closing in 2015 at A$2.1 billion and Fund VI in 2020 at A$2.5 billion, each exceeding A$1 billion and underscoring consistent scaling in . The firm diversified its product offerings in the and to broaden access and mitigate risks. PEP introduced its Secure Assets strategy, targeting infrastructure-like assets with stable cashflows, with the first dedicated fund closing in 2020 at approximately A$340 million; this was followed by Secure Assets Fund II in 2023 at A$1.4 billion. In 2023, PEP launched the Gateway fund, an open-ended vehicle providing retail and wholesale s access to top-tier global opportunities through co-investments and secondaries, enhancing its portfolio. A leadership transition occurred in 2017 when co-founder Paul McCullagh stepped back from day-to-day management, transitioning to a senior advisory role while the founding partners maintained oversight. ESG integration became a of PEP's growth strategy from the late onward. The firm achieved carbon neutral certification in 2020 through voluntary offsets for its operational emissions and has maintained this status annually. In its 2023 ESG Report, PEP reported absolute zero Scope 1 and 2 emissions, with comprehensive disclosures continuing through 2024 and 2025 reports, alongside baseline expectations for portfolio companies on decarbonization and diversity. These efforts contributed to industry recognition, including the Australian Firm of the Year award in 2024 and again in 2025, affirming PEP's leadership in responsible investing and . By 2025, PEP closed its seventh flagship fund, Fund VII, at a record A$3.2 billion, highlighting sustained expansion and investor demand in a competitive market.

Leadership and Culture

Key Personnel

Pacific Equity Partners' leadership is anchored by its founders, who bring extensive experience in consulting and to drive the firm's strategies in and . Rickard Gardell serves as Founder and Managing Director, with a background including 14 years as a Director at across , , and ; he holds a BSc from the and is a member of the firm's Operating Committee. Paul McCullagh serves as Founder and Senior Advisor, formerly Managing Director at with experience in the , , and ; he holds a BCom and MBS from the and is a Fellow of the Institute of Chartered Accountants. Simon Pillar is Founder and Managing Director, having been a Partner at with strategy consulting roles in the , , and , preceded by engineering work at Royal Dutch/Shell; he earned a BSc in Engineering from the and an MBA from the , and chairs the Operating Committee. Tim Sims AM is Founder and Managing Director, formerly Chairman and Managing Director of 's Australasian and African operations; he holds a BA/MA from Oxford University and an MPA from , and contributes as a member of the Operating Committee, with recognition via the AM award in 2019 for community service. The executive team comprises managing directors and investment professionals with operational expertise from leading firms, enhancing PEP's focus on buyouts and growth investments. Notable members include Tony Duthie, Managing Director in Private Equity since 2006, a former Partner with 12 years of experience and an MBA from ; Shannon Wolfers, Managing Director in Private Equity since 2006, with prior Bain roles in Australia and Southeast Asia and a BEcon from the ; and David Brown, Managing Director in Private Equity since 2004, previously an Analyst at JP Morgan with a BCom/LLB from the . Other key figures draw from McKinsey, such as Dhruv Goel (Associate, joined 2024), and major banks like and Macquarie, supporting strategic partnerships and portfolio optimization. PEP emphasizes long-term staff retention, with many leaders joining in the early 2000s—such as Sam Kong, and Managing Director in Finance since 1998, a former senior accountant with an MBA from UNSW—contributing to an average team tenure exceeding 10 years and over 650 years of collective experience. In 2024, the firm made key hires including Michael Bendeli as Director, Jack Auton as Executive, and others like Dhruv Goel and Raewyn Leow (from McKinsey backgrounds) to bolster capabilities in emerging areas such as ESG and . The firm's governance includes an Operating Committee led by the founders, which oversees strategic decisions, while portfolio company boards feature PEP directors alongside independent experts from external sectors to ensure balanced oversight and value creation.

Organizational Culture

Pacific Equity Partners (PEP) fosters an organizational culture centered on an apprenticeship model, where junior staff receive hands-on mentoring to build deep operational knowledge and long-term loyalty within the firm. This approach emphasizes internal talent development, with a strong preference for promoting from within rather than lateral hires, enabling employees to gain comprehensive experience across investment evaluation, management support, and operational improvements. The firm's culture is underpinned by pillars of collaboration, integrity, and performance-driven decision-making, promoting a high-performance environment built on , trust, and alignment of interests among team members. PEP encourages a supportive that balances rigorous analytical work with an emphasis on work-life integration in the demanding sector, contributing to and collective success. Diversity and inclusion form a key aspect of PEP's culture, with commitments to gender equity including a target of 30% female representation in the investment team by 2030 and initiatives like the Women in Business Scholarship providing financial support and work experience for emerging female professionals. For portfolio companies, PEP sets goals of at least 40% female and one female director or observer on each board by 2025, alongside programs engaging in three portfolio companies to promote broader inclusion. Employees at PEP play a pivotal role in the firm's impact, with the team's apprenticeship-driven growth supporting over 200 investments and of A$18 billion (as of September 2025), while internal promotions have filled a significant portion of positions to maintain institutional and continuity.

References

  1. https://www.pep.com.au/
  2. https://www.pep.com.au/about/
  3. https://www.pep.com.au/team/
  4. https://www.pep.com.au/contact/
  5. https://www.pep.com.au/investments/
  6. https://fundcomb.com/funds/pacific-equity-partners
  7. https://community.ionanalytics.com/avcj-private-equity-forum-australia-newzealand-2024/live-stage
  8. https://ionanalytics.com/insights/mergermarket/tim-sims-on-the-private-equity-firms-journey-and-macro-economy-and-impact-of-uncertainties-on-portfolio-companies/
  9. https://www.ocorian.com/knowledge-hub/news/pacific-equity-partners-fund-vii-raise-complete-3200-million-hard-cap
  10. https://www.privateequityinternational.com/how-australias-pep-defied-apac-fundraising-slowdown-to-reach-hard-cap/
  11. https://www.pep.com.au/insights/pacific-equity-partners-receives-the-firm-of-the-year-award-for-the-second-year-running-at-the-australian-investment-council-annual-conference-2025/
  12. https://www.pep.com.au/investments/private-equity/
  13. https://www.theaustralian.com.au/business/financial-services/pacific-equity-partners-to-widen-its-gateway-fund-to-advised-investors-and-not-just-the-wealthy/news-story/5c3aa3d04b7f290a9360d49dc01de50f
  14. https://www.pep.com.au/wp-content/uploads/2024/07/PEP_ESG_Report_2023.pdf
  15. https://www.pep.com.au/investments/pep-gateway/
  16. https://www.pepgateway.com.au/wp-content/uploads/PEP-GCAT-IM-November-2023.pdf
  17. https://www.secondariesinvestor.com/why-an-aussie-buyout-shop-has-embraced-global-single-asset-secondaries/
  18. https://www.pep.com.au/press/pacific-equity-partners-wins-australian-investment-council-large-cap-investment-award/
  19. https://www.pep.com.au/wp-content/uploads/2024/07/2024-PEP-ESG-Report.pdf
  20. https://www.buyoutsinsider.com/pacific-equity-partners-first-exit-is-a-hit/
  21. https://mergr.com/transaction/danone-acquires-frucor-beverages-group
  22. https://www.afr.com/companies/peters-ice-cream-sale-to-r-and-r-goes-full-circle-20140615-jgrkj
  23. https://news.yahoo.com/r-r-ice-cream-buys-063017264.html
  24. https://www.afr.com/companies/financial-services/chinese-billionaire-swoops-on-hoyts-20141223-12cww3
  25. https://www.reuters.com/article/business/australian-cinema-chain-hoyts-sold-to-chinese-investor-sun-xishuang-idUSKBN0K107O/
  26. https://www.abc.net.au/news/2016-06-02/patties-foods-accepts-232m-dollar-takeover/7469544
  27. https://www.afr.com/street-talk/pe-firm-pag-gets-patties-vesco-in-two-headed-food-deal-20220914-p5bi38
  28. https://www.theaustralian.com.au/business/dataroom/peps-patties-foods-on-the-menu-for-asian-buyer/news-story/f0d1c5f5212c5aeab2beeb2b4143aee5
  29. https://www.theaustralian.com.au/business/business-spectator/pep-says-it-is-a-good-time-to-exit/news-story/7dc5082689e5ddb4bf3e54555a829783
  30. https://www.privateequityinternational.com/pacific-equity-partners-consistency-is-a-long-game/
  31. https://www.privatedebtinvestor.com/in-the-fast-lane/
  32. https://www.buyoutsinsider.com/pacific-equity-sells-its-stake-in-vertex/
  33. https://pitchbook.com/profiles/fund/11221-75F
  34. https://www.infrastructureinvestor.com/pep-closes-third-australian-fund/
  35. https://www.infrastructureinvestor.com/pacific-equity-partners-closes-a4bn-australian-fund/
  36. https://www.afr.com/street-talk/pep-closes-21-billionplus-fund-v-nabs-preqin-gong-20150906-gjg26m
  37. https://ionanalytics.com/insights/mergermarket/australias-pacific-equity-partners-closes-its-largest-fund-ever-on-usd-2-1bn/
  38. https://www.afr.com/street-talk/pep-fund-vi-raising-hits-2-1b-ready-to-spend-20190605-p51uob
  39. https://www.cbinsights.com/investor/pacific-equity-partners
  40. https://www.infrastructureinvestor.com/pep-raises-a1-4bn-for-secure-assets-fund-ii/
  41. https://www.theaustralian.com.au/business/margin-call/paul-mccullagh-calls-it-a-day-at-pacific-equity-partners/news-story/8a634bbbafbc692b38e755a52e414f78
  42. https://www.pep.com.au/responsibility/
  43. https://www.pep.com.au/wp-content/uploads/2023/06/PEP_ESG_Report_2023.pdf
  44. https://www.pep.com.au/press/pacific-equity-partners-receives-the-firm-of-the-year-award-at-the-australian-investment-council-annual-conference-2024/
  45. https://investmentcouncil.com.au/site/site/news/Media-Releases/2025-awards.aspx
  46. https://www.afr.com/chanticleer/the-apprenticeship-culture-that-drives-australia-s-biggest-pe-firm-20230724-p5dqw5
  47. https://www.pep.com.au/wp-content/uploads/2023/08/PEP-Diversity-Equity-Inclusion-Statement.pdf
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