BREAKING: Fortitude Investment Partners, the Brisbane-based private equity firm born from the collapse of Blue Sky Alternative Investments, is urgently seeking to raise $200 million for its inaugural private equity fund. This significant move marks a pivotal transition from its previous deal-by-deal investment strategy.
Just announced: The mid-market firm, currently managing over $250 million in assets, is actively engaging with institutional investors and private wealth clients to secure commitments, aiming for a first close of around $100 million by the end of this year. This new fund will target lower-mid market companies primarily in the food, healthcare, technology, and industrial sectors.
The fund’s vision is led by four partners: Nick Dignam, Nick Miller, Sam O’Connor, and Bryan Brown, who are focused on leveraging their expertise to identify lucrative investment opportunities.
Currently, Fortitude has made significant strides in 2023, including acquiring a stake in the South Australian SMSF auditing firm ASF Audits. Last year, the firm made notable investments, such as in Queensland’s The Energy Network and completed a bolt-on acquisition for New Zealand-based Active Adventures.
The firm has established a diverse portfolio featuring companies like artisan bread producer Nomad and the medical skin and aesthetic clinic Aura Medical Group. Fortitude has achieved an impressive track record, with 10 exits in 10 years, including the successful sale of Shopper Media Group to Woolworths Group in 2022, which was executed at a remarkable nine-times multiple on invested capital.
This latest fundraising initiative underscores Fortitude’s ambition to expand its influence in the private equity landscape while continuing to support growth in essential sectors. As the firm seeks to finalize its first close by year-end, industry watchers are keenly observing its progress.
Stay tuned for further updates as Fortitude navigates this critical phase of growth, aiming to solidify its position in the competitive private equity arena.
