Black crane operates where ownership drives value.
Many small-cap public companies do not maximise shareholder value, not from lack of intent, but from limited corporate finance expertise and misaligned incentives. This creates an opportunity for engaged capital to apply that expertise and influence outcomes.
Small Boards Often Lack Corporate Finance Expertise
Many small- and mid-cap companies lack the expertise required to execute value-enhancing transactions, such as recapitalisations, asset sales and strategic M&A.
Limited Activist Competition
Most activist investors need large positions to justify the cost of their teams. Black Crane takes a more efficient approach, allowing us to realize value with smaller position sizes.
Small-Cap Manager Constraint
Most small-cap specialists run diversified portfolios and often lack the mandate, resources or corporate finance skillset required for deep active engagement.
MEET PETER KENNAN
Peter is Founder and Chief Investment Officer of Black Crane Capital, which he founded in 2009 after a career as a Managing Director at UBS in Australia and Asia. Drawing on extensive experience in M&A, recapitalisations, asset sales and governance, Peter seeks to identify and influence the corporate events that unlock shareholder value. He concentrates capital in a small number of high-conviction situations among small and mid-cap public companies in Australia, New Zealand, the UK and Singapore, working constructively with boards and management. He is also Chairman of Intelligent Monitoring Group (ASX: IMB), Australia's leading security monitoring business.
Large funds need large positions. Most small-cap managers run diversified portfolios without the mandate for deep engagement. Black Crane operates in the space both leave behind.
A Segment Most Funds Ignore
We engage constructively with management and boards, taking positions large enough to influence outcomes when required.
Active Ownership Where It Matters
We hold 4 to 5 positions at a time, applying private equity discipline to public markets. We rely on deep due diligence, focused capital, and horizons long enough to see corporate change through.
Concentrated Capital With Conviction
Most small-cap investors identify undervalued companies and wait. Peter Kennan spent 14 years executing the corporate events, recapitalisations, asset sales, M&A, governance changes, that actually unlock value. Black Crane invests with that capability, not around it.
Corporate Finance Expertise, Not Just Analysis
The Black Crane Edge
ACTIVELY DRIVING CORPORATE TRANSFORMATION
Equity Recapitalisations
Debt Refinancing
Asset Sales
Mergers & Acquisition
Business Separations
Governance Changes
Investment approach
[01]
Idea Origination
Source ideas through corporate networks, prior experience and ongoing monitoring.
Situation analysis
[02]
Focus on a small number of situations where corporate actions can unlock value. Assess risk/reward and potential paths to realisation.
[03]
Intelligence collection
Activate our networks, advisers and direct engagement to conduct deep industry and company-level work.
[04]
Management Discussions
Engage with management and boards to assess alignment and ability to execute. Identify opportunities to influence outcomes.
[05]
Execution & Monitoring
Build positions with conviction. Continue engagement and active monitoring of developments and risks.
[06]
Risk Control
Position sizing reflects conviction and downside risk. Concentrated portfolio with disciplined capital allocation sustains our focus.
black Crane Team
PETER KENNAN — CHIEF INVESTMENT OFFICER
Peter Kennan is the Founder and Chief Investment Officer of Black Crane Capital, bringing over 30 years of senior investment banking experience across Asia Pacific, including leadership roles at UBS. His corporate finance background enables a distinctive activist investing approach — driving corporate events and unlocking trapped value in small and mid-cap public companies across Australia, New Zealand, Singapore, and the UK.
LUCY SUTRO — RESPONSIBLE OFFICER
Oversees regulatory compliance, operations and governance of the management company. Former fund manager at Robert Fleming with extensive experience across asset management, administration and compliance.
ROBERT RANKIN — SENIOR ADVISOR
Former founder of Pacific Point Partners and senior UBS investment banker. Brings deep corporate finance and M&A experience, including leadership roles across Asia Pacific.
ANTHONY J. BAKER — FUND DIRECTOR
Corporate finance consultant based in the Cayman Islands with over 20 years' experience in structured finance and offshore capital markets. Former Vice President at Maples Finance and director of Ogier Fiduciary Services. Qualified barrister in the UK and attorney in the Cayman Islands.
EDWARD J. ROGERS — FUND DIRECTOR
CEO/CIO of the Wolver Hill Group. Extensive experience in equities management and institutional investing.
MARTIN W. LAIDLAW — FUND DIRECTOR
Independent director based in the Cayman Islands with over 30 years' experience in fund administration and governance. Former Director of Fund Services at CIBC (Cayman) with responsibility for a US$20bn funds platform, and Managing Order of JP Fund Administration. Chartered Accountant (Scotland).