Barwon Investment Partners Pty Ltd (Barwon) is a highly experienced fund manager with a strong governance focus and a 14-year track record managing institutional capital.

Founded in 2006, Sydney-based Barwon has a strong focus on creating innovative investment solutions in the private equity and property asset classes for institutional and wholesale clients.


Barwon has five partners, each with extensive experience in investment management and financial services. It also employs a highly experienced investment team of twenty plus individuals, each of whom has both deep expertise and experience in alternative investment markets.


The investment philosophy employed by Barwon centres on a belief that alternative investment markets are less efficient than traditional asset classes. Reduced competition and greater inefficiencies in these sectors offer investors the opportunity for superior risk-adjusted returns. Barwon believes that:


  • Private equity outperforms public markets over the medium term.
  • Listed private equity (“LPE”) NAVs perform similarly to traditional private equity.
  • Investor returns are ultimately driven by NAV growth.
  • Inefficiencies in the LPE market arise from information asymmetry, lack of broker research coverage and a lack of attention from institutional investors.

Barwon’s investment approach places a strong emphasis on research, analysis, active management and fundamental value. This expertise is applied to add value through selective identification of attractive investment opportunities, independent of index or benchmark approaches.


Importantly, Barwon’s approach also focuses on implementation, in recognition that great ideas and great strategy mean little without effective decision making, transaction execution and portfolio management expertise.


In addition to its investments in listed private equity, Barwon can access direct private equity co-investments through its extensive global private equity network of high quality, established general partners. Often these are relationships that have been established through investing in listed private equity markets since 2006. Barwon has completed a number of co-investment deals in recent years on a bespoke basis for select clients.


A strong governance framework is central to Barwon’s investment approach; the backbone of its framework is a team with exemplary fiduciary track records. This team has been managing listed and unlisted vehicles for institutional and wholesale investors, located in Australia and internationally, for many years.


PAN-Tribal wanted to work with Barwon Investment Partners because:


Barwon’s unique product set, coupled with its investment ethos and approach are just some of the reasons we chose to work with Barwon. Other reasons include:


A strong alignment of interests – Barwon’s private ownership sees the partners committing their own capital alongside investors.


An enduring investment culture – Barwon embraces a culture of rigorous research and risk management, driving the assessment of each investment opportunity.


Specialisation – the deep knowledge of property and private equity markets which provides the opportunity for superior risk-adjusted returns.


A focus on governance – a strong governance culture with a robust risk and compliance framework, and an exemplary fiduciary track record.


Quality of people – Barwon’s focused and passionate team operates with a flat management structure, providing the capacity for rapid opportunity assessment and transaction execution.


A commitment to performance  – this commitment means that the interests of the team at Barwon are truly aligned with that of their investors.

” In 2017, new capital raised from private markets exceeded capital raised in public markets for the first time in US history. It was a development that went largely unnoticed, yet the implications are significant, wide ranging and ongoing.


Indeed, it is becoming increasingly apparent that we are in the middle of one of the most profound shifts in the capital markets since the 19th century, when public equity markets became widely accessible to investors and a broader array of enterprises seeking funding. Now, the way that companies are being funded is once again changing — and in the middle of that change are private equity (PE) and other private capital providers.”

Key investment professionals

Sam Armstrong

“Listed private equity provides investors with PE returns but with public market liquidity. It is an inefficient market so alpha can be generated through active management”


Sam Armstrong – Head of Private Equity, Partner

Sam is a founding Partner of Barwon with responsibility for leading Barwon’s private equity investment business. He oversees the team responsible for day-to-day management of the Global Listed Private Equity Fund, the Pareturn Barwon Listed Private Equity Fund and institutional private equity mandates.

Sam has been involved in alternative investments since 1990. Prior to Barwon, he was the Joint Managing Partner of Quay Partners, a specialist private equity fund-of-funds business founded in 2000. Quay Partners was the first independent private equity fund of funds and secondaries specialist in Australia.
Before forming Quay Partners, Sam was Head of Alternatives at Macquarie where he worked for over 10 years. He developed an alternatives investment strategy at Macquarie that included investments across a wide range of asset classes including Australian private equity, international private equity, infrastructure and opportunistic property.

Sam holds a B. Comm. (Hons) from The University of Melbourne and an MBA from Columbia University, New York.

Bob Liu

Bob Liu – Portfolio Manager, CFA 

Bob is a portfolio manager within the Private Equity team. His responsibilities include investment analysis, market research, stock selection and portfolio construction for the listed Private Equity Funds. Bob joined Barwon as an investment analyst in 2009 from IBM. He holds a B.Laws. and B.Comm. from the University of NSW.

James Brown

James Brown – Portfolio Manager, CA 

James is a portfolio manager within the Private Equity team. His responsibilities include investment analysis, market research, stock selection and portfolio construction for the funds of global listed private equity.

Prior to joining Barwon in 2018, James was a portfolio manager at Walsh & Co Asset Management where he managed an ASX-listed Asian equities multi-manager fund and an ASX-listed global emerging markets equities multi-manager fund. Before joining Walsh & Co, James was a sell-side research analyst at Winterflood Securities, covering the listed investment companies’ sector in London. James covered investment companies across a wide variety of asset classes, with a particular focus on property, infrastructure and listed private equity. James holds a B.Bus. from the University of Technology, Sydney.


Lisa Swanton – Investment Manager

Lisa is an investment manager, responsible for investment research within the private equity team. She joined Barwon as an investment analyst in July 2013. Prior to joining Barwon, Lisa worked as an investment analyst for a property funds management group based in London from 2009 to 2012. She holds a B.Sc. in Economics and Finance from University College Dublin and a M.Sc. in Risk Management and Financial Engineering from Imperial College Business School, London.


Sargunn Sahota – Investment Analyst

Sargunn is an investment analyst within the private equity team. His responsibilities include investment analysis, market research and fund reporting.

Prior to joining Barwon in 2021, Sargunn worked as a consultant at FactSet. Sargunn holds a Bachelor of Applied Finance and a Bachelor of Economics from Macquarie University.


The following information has been prepared by PAN-Tribal Asset Management for use by Sophisticated Investors / Wholesale Clients and Investment Professionals only. No account has been taken of the investment objectives, financial situation or particular needs of any particular person. Information is provided for general information purposes only and does not contain investment recommendations nor provide investment advice, nor is it intended to take the place of professional advice. Investors should not take action in reliance on information contained on this website.


Past performance information provided on this website is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. None of PAN-Tribal, its related bodies or associates, nor any other person, guarantees the repayment of capital or the performance of the Fund(s) or any particular returns from the Fund(s). No representation or warranty is made concerning the accuracy of any data contained on this website.


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