Allegro Private Equity has launched a new fund called Allegro Fund II to raise more than $200 million to invest in the growing number of smaller mid-market private equity opportunities that have emerged post global financial crisis.

Macquarie has already been secured as a cornerstone investor for the fund, which will target turnaround businesses in Australia and New Zealand requiring capital to restructure or unlock potential growth, as well as emerging business requiring funds to accelerate growth.

Chester Moynihan, joint managing director, Allegro Private Equity, said the fund is looking to capitalise on mid-market private investment opportunities emerging as the economic outlook in the Australia New Zealand region improves.

“Business owners are feeling more confident about bringing their companies to market and their business are in better shape when they do," said Moynihan. “Prices for portfolio assets in this segment are also at more realistic values compared to the peak years before the global downturn."

23 June 2010