05
Mar
Value creation: Move quickly, be bold
Most PE investors advocate starting work on value creation early – having initiatives ready to run once deals close – and being ambitious. It’s an approach intended underpin aggressive underwriting, ensuring portfolio companies maximise their potential during the holding period and command a premium on exit. Bringing in the right operational talent, driving digitalisation, and properly integrating bolt-on acquisitions are keystones of such efforts. So, too, is AI: as risk mitigation consideration and as a value driver.
- Which operational levers have proved most effective in Australia?
- Where, when and how should AI be used in value creation?
- What are the main issues to watch out for when engaging in M&A?
- How do required skillsets change as holding periods are extended?
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SpeakersJames Hindle Private Equity Sector Lead, Partner, Transaction Services KPMG
Beau Dixon Partner / Managing Director and Head of Australia / New Zealand Advent
Chester Moynihan Founding Partner Allegro Funds
Michael Blickstead Head of Australia / New Zealand Private Equity Blackstone
Andrew Gray Founder and Managing Director Potentia Capital
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James has over 25 years of experience providing Transaction Services advice to clients on a range of transactions, initially in the UK before transferring to Australia in 2004. He has been a Partner in KPMG’s Transaction Services team for 16 years and has been leading KPMG’s Private Equity sector coverage team for the last 2 years.
Beau Dixon joined Advent in 2024 and is a Partner / Managing Director and Head of Australia / New Zealand, leading Advent's Sydney office. He advises on investments in the business & financial services (BFS) and healthcare sectors. Beau has advised on 14 investments during his career across the BFS, consumer, healthcare, industrial, and technology sectors.
Prior to joining Advent, Beau was a Managing Partner and member of the investment committee at Anchorage Capital Partners.
Beau received a Bachelor of Business from the University of Technology, Sydney. He also completed the General Management Program, Executive Development Program, and Global Strategic Leadership Program at The Wharton School of the University of Pennsylvania.
Chester Moynihan is the Founder and Managing Director of Allegro Funds, an independent fund manager with over 35 years of experience in private equity investing, turnaround, and restructuring across Australasia, Europe, and South Africa, Under his leadership, Allegro has established a track record for managing complex, dislocated businesses and executing landmark financial restructures,
Key Allegro Achievements & Fundraising
Chester has been the driving force behind the firm’s significant growth and its unique position in the Australian market:
- Record Fundraising: He led the raising of Allegro Fund IV, which reached a final close of approximately AU$750M in May 2022, after being oversubscribed.
- Pioneering Fund Management: In 2008, Allegro became the first fund manager to be unanimously backed by institutional investors to replace an incumbent manager for an Australian private equity fund (the $300M Allegro Fund I).
- Strategic Distressed Acquisitions: In 2012, Chester partnered with KKR to purchase a $333M face value portfolio of distressed commercial loans, marking the first commercial loan book sold in Australia.
- Consistent Portfolio Execution: He has overseen the successful investment of Allegro Fund II (8 businesses) and Fund III (7 businesses) across Australia and New Zealand.
Notable Transaction Highlights
Chester’s career is defined by high-stakes turnarounds and high-yielding exits:
- I-MED Network: He led the largest financial restructure in Australia in 2011, partnering with 40 hedge funds to replace the financial sponsor. This resulted in doubling the EBIT within three years and achieving a 6.4x multiple of money.
- Discovery Parks: He guided this investment through its growth phase to a successful sell-down to Sunsuper (now Australian Retirement Trust), which subsequently appointed Allegro as the ongoing investment manager.
- Major Advisory Successes: Prior to Allegro, through his firm Quay Capital, he advised on the $2B+ acquisition of Coates Hire by Carlyle Group and led the public-to-private MBO of Global Television.
- High-Yield Performance: During his tenure at Gresham Private Equity, he led the MBO of Eroc, achieving a final realized gross IRR of 51% and over 4x money. He also contributed to high-performing deals such as Repco (146% IRR) and Virgin Active (32% IRR).
Background and Professional Standing
Before founding Allegro in 2004, Chester held senior roles at Gresham Private Equity, Schroder Ventures (Permira) in London, and KPMG,. He is a qualified Chartered Accountant with advanced certifications in Insolvency Law & Practice.
Chester is the newly appointed Chair of the Australian Investment Council (AIC), the national peak body for private capital, where he is responsible for leading the Council’s strategic direction and industry advocacy. He has also held numerous chairmanships for companies including Gull NZ, Pizza Hut Australia, and Questas Group.
Michael Blickstead is a Senior Managing Director in the Private Equity Group based in Sydney and Head of Australia / New Zealand Private Equity.
Before joining Blackstone, Mr. Blickstead was a Division Director / Managing Director and Head of Principal Finance Asia Pacific for Macquarie Group where he invested across the capital structure. Prior to that, he was an Investment Director at Archer Capital, one of Australia’s leading domestic private equity firms. Mr. Blickstead started his career in the Private Equity Group at Goldman Sachs in New York and London.
Mr. Blickstead received a Bachelor of Arts, cum laude in Economics, from Harvard University as well as an MBA from Harvard Business School.
Andrew Gray is the Founder and Managing Director of Potentia Capital, the regions leading software focused private-equity firm with A$2 billion in committed capital, 29 investments across the software landscape having already returned a 3.0x DPI for Potentia’s 2019 Fund I. He founded Potentia to invest in technology that multiplies what people and organisations can achieve, building a firm defined by integrity, accountability, ownership, and excellence. Andrew previously held senior leadership roles at Archer Capital, Francisco Partners and Genstar Capital, and holds degrees from the University of Sydney and Harvard Business School.