Brisbane-based Fortitude Investment Partners is seeking to raise AUD200m for its debut private equity fund, marking a shift from its deal-by-deal investment approach to a committed capital model, according to a report by the Financial Review.
The report cites unnamed sources as revealing that the mid-market investor—founded by former Blue Sky Alternative Investments executives and currently managing over $250m in assets – is aiming for a first close of around $100m by year-end.
The new vehicle will continue Fortitude’s focus on lower mid-market companies across food, healthcare, technology and industrials, led by partners Nick Dignam, Nick Miller, Sam O’Connor and Bryan Brown.
Fortitude has been active over the past 18 months, acquiring stakes in ASF Audits, The Energy Network, and Active Adventures, as well as selling part of its holding in Birch & Waite to Quadrant Private Equity. Its portfolio also includes Nomad, Aura Medical Group, and Machines4U.
Since inception, the firm has completed 10 exits in 10 years, highlighted by the sale of Shopper Media Group to Woolworths Group in 2022, reportedly achieving a 9x multiple on invested capital.
