The Australian Investment Council (AIC) has elected Allegro Funds founding partner Chester Moynihan as board chair, replacing outgoing chair Alicia Gregory who has retired from the role after four years.
Moynihan, who joined the AIC board in November 2017, is a founding partner at private equity manager Allegro Funds. He co-founded the firm in 2004 and has a 35-year career spanning private equity, corporate advisory and executive management.
Gregory, who joined the board in November 2018, will remain on the AIC board in her capacity as managing director at Blue Owl Capital.
AIC chief executive officer Navleen Prasad said: “On behalf of the team at the Council, I’d like to thank Alicia for her vision, leadership and tireless commitment to our industry over the past four years as Chair. It has been a privilege working alongside her.”
“Alicia is a global industry leader and her unique understanding of private capital, markets and the role that our members play in driving positive outcomes for Australians has been instrumental in shaping our achievements during her stewardship. Alicia’s wisdom, warmth, optimism and collaboration have made a lasting impact on our team and members.
“During Alicia’s tenure as Chair, the Council significantly enhanced its engagement initiatives, has grown the membership base, and undertaken major advocacy projects and outcomes. She oversaw these substantial achievements as private capital’s contribution to the economy continued to grow.”
Strategic momentum
Prasad said the council would continue this work under Moynihan, describing him as “a strong advocate for our industry, notably the development of emerging talent”.
Moynihan said: “I am delighted to be elected as Chair of the Australian Investment Council and to work alongside the dedicated board and team as we continue to advocate strongly for our members and the Australian private capital industry. Alicia has been an outstanding Chair and I am grateful for her exceptional leadership over the past four years.
“I look forward to building on the strategic momentum established under Alicia’s guidance, and to working closely with the Council’s management team and fellow board members to deliver on our key priorities. A key focus of my tenure will be ensuring private capital’s economic contribution and capacity to help deliver national goals remains at the forefront for Government and policymakers.”
Gregory said: “It was an honour to serve for four years as Council chair, and I look forward to my continued involvement on the outstanding board whose focus is always on delivering the best outcomes for our members, the industry and the Australian economy.
“My time as Chair was an opportunity to help drive change for the private capital industry in Australia. This is a privilege that wasn’t taken lightly. I am grateful for the relationships built during my tenure and am proud of the outcomes we have delivered. Chester is a longstanding and active Council board member. He will be an excellent Chair and I am confident he will steward the Council through the next evolution of private capital in Australia.”
The AIC is the national peak body for private capital, representing more than 200 members across private equity, venture capital, private credit and institutional investors. The organisation says private capital contributes 3% to national GDP, supports more than 1,000 businesses and over 600,000 jobs in Australia.