Allegro Fund
Allegro Funds, is a mid-market private equity firm located in Australia. the firm is recognised for its “Transformational Capital” approach, combining capital with hands-on operational expertise to drive performance, unlock growth and deliver sustainable value.
Allegro was founded in 2004 and now has over $4 billion in funds under management. Allegro partners closely with management teams to execute complex turnarounds, carve-outs and growth strategies, often investing in businesses requiring active operational support.
Allegro Fund IV is a 2022 vintage fund with $623.3 million in investor commitments targeting transformational investments across Australia and New Zealand in sectors including transport, tourism, retail and industrial services.
Portfolio Companies
At investment in July 2022, Gull New Zealand was a leading independent fuel retailer operating 124 unmanned sites across New Zealand’s North Island, supported by a strategically located fuel terminal at Mount Maunganui. The business is recognised for its low-cost operating model, differentiated supply chain and strong customer value proposition.
The thesis aims at expanding Gull’s retail footprint, introduce dynamic pricing technologies and leverage its vertically integrated infrastructure to improve margins and market share.
Gull New Zealand remains an active investment, positioned as a national leader in independent fuel retailing with significant opportunity to expand its network and leverage its differentiated infrastructure model.
At investment in May 2023, Slater & Gordon was Australia’s leading consumer law firm, with a strong brand in social justice and national coverage across personal injury law, class actions, commercial litigation and employment law. Although the company had a notable reputation, it was experiencing operational and financial underperformance and had become an overlooked asset on the ASX.
The thesis is focused on delivering transformation through pricing remediation, operational efficiency and cultural reset. Allegro’s strategy includes refreshing the firm’s vision and values, investing in growth offices and pursuing industry-first litigation initiatives.
Slater & Gordon remains an active investment, positioned as a purpose-driven leader in consumer law with strong earnings momentum, an embedded ESG strategy, with continued opportunity to grow through operational improvement and landmark litigation wins.
At investment in September 2023, Scyne Advisory was a newly formed professional services firm carved out from PwC Australia’s government consulting division. With more than 1,000 staff and a diversified client base across federal and state departments, the business was established to provide independent and trusted advisory services to the public sector.
The thesis aims build Scyne into Australia’s leading independent government advisory platform by reforming governance, embedding cultural alignment and investing in scalable systems and leadership capability.
Scyne Advisory remains an active investment, positioned as a trusted public sector advisory partner with a clear mandate for growth, transparency and delivery of public value.
At investment in April 2024, Nutun Australia was a business process outsourcing (BPO) provider carved out from South African parent Transaction Capital. The business has an established blue-chip client base, including a new Australian Taxation Office (ATO) collections mandate.
The thesis is focusing on rebranding and transitioning Nutun to its new local ownership, enhance its sales, technology and human capital and establish a platform for scalable growth. Allegro supported the establishment of a dedicated M&A function and ESG initiatives, including climate risk assessments and carbon baseline reporting.
Nutun remains an active investment, positioned as a scalable BPO platform with strong government and corporate relationships and a clear pipeline of acquisition-led growth opportunities.
At investment in August 2025, BE Campbell was one of Australia’s top three pork and value-added meat processors, with a 13% market share and two major facilities in Western Sydney employing more than 750 staff. The third-generation family-owned business has longstanding customer relationships across supermarkets, foodservice, butchers and distributors.
The thesis was is centred on partnering with the Campbell family to corporatise and scale the business, applying Allegro’s Active Complex Transformation framework. The strategy focuses on building value-added capabilities, introducing new product formats and strengthening the commercial platform to capture growing demand for convenience-based protein products.
BE Campbell remains an active investment, positioned as a national leader in pork processing with significant opportunity to expand its value-added and ready-to-eat protein categories.
