Former IFM Investors Private Equity Team Starts New Venture

Three former members of IFM Investors’ private equity unit have announced a new venture and an A$500 million ($353 million) funding round less than six months after the pension-fund-owned investment manager announced its decision to wind down its domestic unit focused on the asset class.

David Odgers, Adrian Kerley and Stuart Wardman-Browne, who worked together for more than seven years on IFM’s private equity team, have set up Black Kite Partners, a private markets investment firm focused on tech, according to a statement Monday. The new firm will oversee A$1.3 billion of IFM Investors’ assets, while Asia-Pacific-focused firm Scarcity Partners will take an equity investment.