Mercury raising; KKR pursues Cleanaway; Turnbull’s AI link

Good evening,

There’s a new billion-dollar buyout fund in town.

Street Talk hears Clark Perkins’ Mercury Capital has set an ambitious $1 billion target as it raises for its Fund 4.

Not many local private equity firms have breached the billion-dollar barrier.

If Mercury were to succeed, it would join a club that includes only three others – PEP, Quadrant and BGH Capital.

Also in private equity, Street Talk has spotted KKR deep in preliminary due diligence at Cleanaway, as the company floats back on private capital’s radar.

KKR lost out to Igneo at Waste Management NZ last month and its interest in the sector is an open secret.

It’s the first suitor to emerge and it would be interesting to see who else checks out Cleanaway, which could have a $10 billion-odd price tag.

Elsewhere, the Malcolm Turnbull-backed AI business Advanced Navigation is stitching up an $85 million to $135 million raising; SA radiator maker Adrad is preparing for an IPO; and Jindalee Resources is scouting for brokers for its demerger.

Happy reading,

Yolanda Redrup, Sarah Thompson and Kanika Sood
Street Talk Editors