Senior Private Equity investment team

IFM’s Private Equity Group offers a strong track record and breadth and depth of skills across equities (listed and unlisted) management, asset consulting, strategy consulting and transaction services. The team of dedicated private equity specialists is supported by IFM's legal, tax and compliance experts.

Steven Lipchin

Head of Private Equity
Joined IFM in November 2012

Steven leads IFM’s activities in respect of co-investing and direct investing in sub-$200m enterprise value opportunities. Steven has invested in private companies since the mid 1980s and has extensive experience supporting growth businesses. Prior to IFM he was Head of Private Equity at Wingate Group, a Melbourne based boutique investment and advisory firm where he established the firm’s private equity business, launched Wingate’s first private equity fund and led the investment programme. Steven previously co-founded and was Managing Director of Horizon Equity Partners (formerly SMC Capital), an independent private equity firm based in South Africa. Steven also previously worked for Berkshire Partners in the US.

Gareth Adams

Investment Director
Joined IFM in 1996

Gareth joined Industry Fund Services (IFS) (the predecessor company to IFM) as an investment analyst in April 1996 and was appointed Investment Director in July 2007. Gareth has been involved in the development of IFM Australian Private Equity Fund II, IFM Australian Private Equity Fund III and IFM International Private Equity Funds I and II. He is responsible for overseeing the progress of IFM International Private Equity I and II and developing the IFM international private equity strategy. He is also active in the selection of domestic private equity managers for IFM clients. Gareth was previously employed in the Asset Consulting Services division of Towers Perrin, where he worked for a variety of clients and assisted in providing advice on a range of investment related issues.

James Leos

Investment Director
Joined IFM in 2007

James is responsible for the sourcing, due diligence and subsequent selection of private equity managers and direct co-investment opportunities. James has many years experience advising and assisting CEOs and senior executives on a range of issues around strategy and corporate development. As a Partner of a boutique strategy consulting firm, The Collins Hill Group, James led many engagements that assisted to clarify strategy, assess potential acquisitions, improve profitability and implement organisational change. James has worked across a broad range of industries such as Media/Newspapers, Retail, Healthcare and Pharmaceuticals, Food Products, Manufacturing, Funds Management and Insurance, Utilities, and Professional Services. Prior to joining Collins Hill, James was a civil engineer specialising in project and construction management. James is a Member of the AICD.

Anna Morrison

Investment Director
Joined IFM in 2001

Anna is involved with the management of new and existing Private Equity products, sourcing and evaluating investment opportunities, preparation of investment proposals/reviews, completion of transactions, monitoring and reporting on investments and divestments. She joined the firm as an Analyst in 2001, was promoted to Associate in 2005 and was promoted to Investment Director in 2010. Anna was previously employed as an analyst by the Tasmanian Public Finance Corporation. Then, following a year at National Australia Bank as part of their compliance team, Anna spent a further 12 months overseas travelling and working within the UK finance industry. She is currently undertaking the EVCA Certificate in Institutional Private Equity Investment.

Wayne Phillips

Investment Director
Joined IFM in 2005

Wayne is involved in the due diligence and selection of domestic and international private equity managers prior to the allocation of funds from IFM’s private equity products. In addition, Wayne is responsible for monitoring the performance of elements of IFM’s private equity portfolio. Previously, Wayne was employed by Ernst and Young for 12 years, with the last eight years of his advisory experience in a transaction support role working in an advisory capacity for corporate and private equity clients. His experience has been gained in Australia and the United States during a three year relocation to the firm’s New York office. At Ernst & Young, Wayne had specific experience in the management of transaction risk on behalf of clients through participation in a large number of both completed and terminated transactions. The transaction support role involved analysis of earnings and cash flow quality, identification of financial exposures and commitments, mitigation of risk through legal documentation, financial closure, the dispute process, integration assistance and the monitoring of investee company performance.