Salter Brothers take exposure in both the private and public markets, and it’s on the private side that Gregg has seen significant opportunities. “They were a little bit later than the listed markets to reset valuations and expectations but its been pretty brutal once they have”. He notes a lot of investors who wouldn’t typically invest in private markets came in during the 2020-2022 period, and have fled pretty dramatically over the past 6 months – most likely to not be seen for a while after a some disastrous outcomes.

On the topic of IPO’s – of which Mr. Taylor has a wealth of experience after taking almost 20 companies through from private to public life – he believes that while there will be exceptions, it will be a tough market for new listings in 2023. Referencing the so called ‘IPO window’, he states that “one thing is the window opens and closes pretty quickly”. The Investment Director notes that the larger listings, such as the upcoming Virgin Australia IPO, serve as really important barometers to gauge what type of support and aftermarket is available.