Three former members of IFM Investors’ private equity unit have launched a new investment firm, raising AUD500m ($353m) for their debut vehicle, according to a report by Bloomberg. David Odgers, Adrian Kerley, and Stuart Wardman-Browne have established Black Kite Partners, a private markets manager focused on technology.

The firm will oversee AUD1.3bn of IFM assets, while Asia-Pacific investment firm Scarcity Partners has taken an equity stake in the business.

The launch comes less than six months after IFM said it would wind down its domestic private equity unit, citing a lack of scale and a shift in global priorities. IFM manages approximately AUD264bn on behalf of more than a dozen Australian pension funds, including AustralianSuper, as well as UK pension scheme Nest.

Black Kite’s inaugural fund will target high-growth, profitable businesses across software, tech-enabled services, and healthcare. The firm said it has received positive feedback from prospective investors.

You can read more on this from Private Equity Wire, here.