Sydney, NSW -28 September 2004-Ironbridge, a leading independent Australian private equity manager, announced the Final Close of the Ironbridge 2003/4 Fund, with commitments of A$450 million.

The First Close of the Fund was in late February 2004 and the Final Close is well ahead of the original timetable, with demand substantially higher than the targeted amount.

Investors in the Fund comprise a wide cross- section of Australian investors, including clients of the Wilshire Private Markets group and clients and funds of Industry Funds Management and Macquarie Funds Management, together with leading international private equity investors including GIC Special Investments Pte Ltd, CalPERS, AlpInvest and Partners Group. For the majority of Ironbridge's international investors the Ironbridge 2003/4 Fund represents their first commitment to Australian private equity.

Ironbridge was established in May 2003 by Managing Partners Neil Broekhuizen, Paul Evans, Julian Knights and Greg Ruddock, who were previously the executive directors of Gresham Private Equity.

Julian Knights, Managing Partner of Ironbridge, said "We are delighted with the support we have received from major domestic and international investors. Ironbridge originated and co-led the MBO of leading Private Hospital group Affinity Health in November 2003 and completed the acquisition of independent traveler company ACB earlier this year. We anticipate continuing this active and consistent investment programme over the next three to four years."

Contact: Julian Knights, 9250 8700