Is investing in a PE fund manager smarter than investing in a PE fund?

February 9, 2025

Opinion

Jonathan Shapiro

Private equity may have an image problem. But public market investors still like what they see – exposure to a lucrative and growing area of finance.

Jonathan ShapiroSenior reporter

Feb 9, 2025 – 6.00pm

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Unlike many of his peers, Chris Mackay has managed to run a multi-billion dollar fund manager and keep a low profile.

But the co-founder of Magellan Financial and MFF Capital, which he now oversees, has made a particularly sharp intervention in his annual letter to investors, using it as an opportunity to vent his disdain about “storytellers” falsely pitching the superiority of private unlisted investments.

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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com

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