Report: Australia's IFM Investors Seeks AU$600M for New PE Fund

IFM Investors is targeting AUD 600M (~$376.8M) for its new private equity fund, IFM Growth Partners 3, The Australian Financial Review reported January 5, citing a late December 2024 letter to clients.

Unnamed sources told the publication that the pension funds-owned institutional investor and asset manager intends to formally kick off the sales process for the new fund later in 2025. IFM Growth Partners 2 closed in 2022 after raising AUD 380M (~$238.9M), while the first fund in the series raised AUD 250M (~$157.2M) in 2016.

IFM Growth Partners 3 will target healthcare and technology businesses. According to the report, the new fund will follow the investment strategy of its predecessors, which have to date allocated approximately AUD 1B (~$628.5M) for the acquisition of healthcare, services and software companies, inclusive of co-investment vehicles.

According to its website, IFM Investors managed $700M of private equity funds as of September 30, 2024.