Joseph Kim will be under a fair bit of pressure to deliver good returns for Bras N Things entrepreneur Brett Blundy after being hand-picked to run the retail billionaire's new private equity fund.
Street Talk can reveal Kim, an investment director at Allegro Funds, has been hired to head up the $500 million-odd BBRC Capital Management Fund I, which will target institutional and high net worth investors.
Blundy enjoyed a big win last week when he finally offloaded his Bras N Things lingerie retail chain to US giant Hanes Brands after a stop-start sales process, run by Fort Street Advisers. The delay in selling the business didn't affect the price though, the $500 million sale reflecting a solid multiple of 10 times. Not bad for the ailing retail sector.
"I look forward to taking these proceeds and further capitalising BBRC Capital Management Fund I, which will focus on new investment opportunities from its offices in New York City and Sydney," Blundy told The Australian Financial Review on Friday.
Kim spent almost 10 years at Allegro Funds, a Sydney-based turnaround private equity specialist.
Given Kim's experience in turnaround, distressed and special situation investments, it will be interesting to see whether the new venture swoops on one of the many embattled retail businesses up for grabs.
BBRC was founded by Blundy in 1980 and targets ventures across global retail brands, retail property and beef breeding, according to its website.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)