When selecting funds, it can pay to look beyond the big brands to the smaller boutique names, whose nimbleness often allows them to punch above their weight, writes Charles Hepworth of GAM.

Sam Armstrong and his team at Barwon Investment Partners, based in Sydney, Australia, have a long track record in the private equity sector.

The listed private equity market can be underresearched and inefficient. Shares in listed private equity companies can have large discounts to net asset value and therefore offer many opportunities for an experienced fund manager. Listed private equity also provides a diversifying source of return to typical asset classes.