Macquarie has launched what it believes is the first venture capital fund aimed directly at financial advisers.
The Macquarie Investment Trust III (MIT III) is the first time Macquarie has taken a private equity trust into the retail market. Macquarie hopes to raise $50 million from retail investors along with a further $150 million through domestic superannuation funds. It will also seek to raise an additional $50 million from institutional investors in the US.
The minimum investment for the retail trust has been set at $30,000 and Macquarie recommends investors have at least a seven year investment horizon for the product.
The trusts two predecessors have recorded returns of more than 20 per cent over the long term.
According to Macquarie Investment Management, there has been a lot of interest from advisers, particularly from advisers with clients in DIY Superannuation funds.
The fund closes to retail investors in six weeks.
