Ripe for exits: how MLC is seizing the moment in private equity
Private markets are delivering for investors yet trade at a 44% discount to public companies. MLC is making the most of the opportunity.
This interview was filmed on 28 October 2025.
As public companies continue to trade at ever-greater valuations, opportunities abound in private markets. And private equity gives investors the opportunity to gain exposure to a broader part of the growth trajectory, says Rachael Lockyer, portfolio manager at MLC Asset Management.
The MLC Global Private Equity Fund takes a high-conviction approach to finding "best-in-class" specialist private equity managers from around the world.
"We're not investing in 300 managers across the globe. We're investing in a high conviction approach: mid-market managers who are specialists often in their sectors and who have demonstrated a very long and solid track record at prior firms."
"The program has been global since day one, and we are invested in the mid-market," says Lockyer. "So we are looking at businesses that are in the range of $200 million enterprise value all the way up to $1 billion, where we see significant alpha to be able to be generated."
"We have access to some of the most in demand private equity managers globally, who historically have demonstrated top-quarter performance."
"Fundamentally, you are buying businesses that have significant growth opportunities ahead of them in the hands of great private equity managers and aligned incentives and management teams."
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Finding the opportunities
The Fund takes a fully global approach to finding the right companies and managers to invest with.
"We're sector and region agnostic. We go where the deals are, we are well positioned for opportunities in markets in which they come. And that's why geographic diversification we feel is critically important."
"This year we have been quite active in the European region as well as the Australian region," says Lockyer. "And it's interesting across a lot of the deals that we've done this year, many are in the healthcare equipment and consumables industry."
Despite the rise of private equity secondaries, Lockyer still sees the superior opportunities in primary investments.
"When we look at the returns for the private equity industry, we still believe that the primary investments in private equity will outperform the secondaries investments over time."
"We've really focused on primary investing," she says. "We feel a lot of the value creation – and we’ve seen it in our data – is generated upfront and early in the investment life. It’s that first institutional capital that goes in."
"Fundamentally you're buying businesses off founders and there are some latent inefficiencies there. If it's in the hands of a strong private equity manager, they can generate some very strong EBITDA growth in the first one to three years. Primary investing is where we like to be."
Ripe for exits
The Fund has an average investment age of five and a half years, but is currently "ripe for exits", says Lockyer.
"The exit market is absolutely heating up right now", she said. "I think it shows that strategic buyers and corporate buyers are out there and they're hunting for private equity investments."
The current macro conditions mean there's healthy demand for private equity sales, whether it's to other private equity funds, IPOs or, more commonly, corporates.
"If you look at the exit environment right now, about 50% of the exits are going to corporates, which is more than they have been historically," says Lockyer. "With lower borrowing costs now compared to more recent years, corporates are feeling a bit more buoyant about the future and therefore more likely to buy private equity businesses, which is why we're seeing that uptick."
An exit case study
One recent example is With Intelligence, a UK-based data analytics company specialising in private markets and hedge funds. MLC invested in the company around two years ago through a specialist private equity software manager, at an enterprise value of US$500 million. It sold it recently to S&P Global for US$1.8 billion.
The MLC edge
Beyond partnering with the world's best-in-class managers, Lockyer sees MLC's alpha in getting the alignment right between fund, manager, and company.
"What differentiates us is our access to the primary funds of these managers that are highly aligned with us to demonstrate strong results and deliver those results," says Lockyer.
The equation is straightforward - "the amazing amount of growth that you can get when you heavily align incentives in the management team to the private equity outcome."
"We are working with the best managers globally. It is the private equity alpha, not the beta, so to speak, and we are really excited about the opportunities ahead. We continue to see some very attractive opportunities in the private equity market."
Learn more
The MLC Private Equity program is one of the most established global private equity programs in Australia. For more information, please visit the MLC website.
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Tom is a Content Editor at Livewire Markets, having worked as a writer and editor for 10 years, specialising in investing and personal finance.
He has previously worked at Finder, FourFourTwo and Man Of Many covering everything from film to football.
He has a Masters in Media Production and a Bachelor's in Journalism.
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Ms Rachael Lockyer represents the MLC Private Equity Team (MLC Private Equity) acting under the AFSL of MLC Asset Management Pty Ltd (ABN 44 106 427 472, AFSL 308953). MLC Private Equity is the manager of the MLC Global Private Equity Fund (Fund). Interests in the Fund are issued by MLC Investments Limited (ABN 30 002 641 661 AFSL 230705) as responsible entity. MLC Private Equity and MLC Investments Limited are part of the Insignia Financial Group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate. No member of the Insignia Financial Group guarantees or otherwise accepts any liability in respect of any financial product referred to in this communication or MLC Private Equity’s services.
The financial products or strategies described in this communication are available for investment by Australian residents only, and the information herein is intended for Australian residents only and not for residents of any other jurisdiction.
This communication and the information in it is intended to provide a general outline only and is not intended to be a definitive statement on the subject matter. It has been prepared without taking into account individual objectives, financial situation or needs and because of that investors should, before acting on the information in this communication, consider the appropriateness of the information having regard to their personal objectives, financial situation and needs. Investors should obtain the Fund’s Product Disclosure Statement (PDS) and consider it before making any decision about the Fund. Distributors must consider the Fund’s Target Market Determination (TMD) before taking retail distribution activities in respect to the Fund. A copy of the Fund’s PDS and TMD are available at mlcam.com.au/gpe or by calling 1300 738 355.
Any opinions expressed in this communication constitute MLC Private Equity’s judgement at the time of issue and are subject to change. Past performance is not an indicator of future performance. Forward-looking statements should not be relied upon. To the maximum extent permitted by law, neither MLC Private Equity, Insignia Financial Group nor their directors, employees or agents accept any liability for any loss arising in relation to this communication.
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Tom is a Content Editor at Livewire Markets, having worked as a writer and editor for 10 years, specialising in investing and personal finance. He has previously worked at Finder, FourFourTwo and Man Of Many covering everything from film to...
Expertise
Tom is a Content Editor at Livewire Markets, having worked as a writer and editor for 10 years, specialising in investing and personal finance. He has previously worked at Finder, FourFourTwo and Man Of Many covering everything from film to...
Expertise
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