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Australian DB Capital Partners spins out of Deutsche Bank29/08/2007. Source: AltAssets. 
 Deutsche Bank has spun off its Australian direct private equity business, DB Capital Partners, to become a new independent company, Propel Investments. The new firm is led by former Deutsche Bank executives Peter Dowding and Albin Kurti.
Propel Investments began operations after a busy 18 months during which it committed approximately AUS$160m to direct private equity investments across industries including smart metering, debt collection, apparel and oil and gas services.
'This is an exciting opportunity to build on a very solid private equity platform,' Propel Investment's co-managing director, Peter Dowding said. 'We already manage more than AUS$450m in private equity funds and have over 20 domestic and offshore institutional investors, including some of Australia's largest superannuation funds.'
'We plan to recruit additional resources to our investment team in the coming months,' added Albin Kurti, co-managing director at Propel Investments. 'Fundraising for our third private equity fund will commence in early 2008. The new fund will continue our focus on mid-market acquisition opportunities.'
Propel recently completed its first independent transaction, taking a 30 per cent stake in Perth-based engineering consultancy group, Advanced Well Technologies.
The spin-out of DB Capital Partners represents Deutsche Bank's final withdrawal from direct private equity investing, following divestments from its European and American operations.
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