Former Supercars Championship majority owner Archer Capital is finally set to shut down its fund several years after flagging its intentions to do so.
According to the Australian Financial Review, the private equity firm “has told investors it is winding up its ‘Archer Capital Fund 4’ and associated vehicles”.
The development comes merely months after Archer sold its 65 percent share in Supercars late last year.
That, along with a 35 percent stake collectively owned by the teams under the former Racing Entitlements Contract system, was acquired by Racing Australia Consolidated Enterprises Ltd (RACE) as announced on October 28.
A month later, the transaction was confirmed as finalised.
The AFR reports that Supercars was among three investments Archer lost money on.
Archer’s portfolio also included accounting software company MYOB, and it sold Red Rooster, Oporto and Chicken Treat in a 2019 deal reportedly worth $500 million.
Led by chairman Peter Wiggs, the firm had long been keen on offloading Supercars, such efforts publicly dating back as far as 2017.
In April 2018, it emerged that Archer had notified investors of its plans to close.
It’s believed that RACE ultimately purchased Archer’s share for approximately $60 million, more than $100 million down on the price it paid in 2011.
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