Blue Sky launches LIC IPO
Publicly-listed alternative investments specialist Blue Sky Alternative Investments Limited has launched an Initial Public Offering (IPO) to raise up to $100 million to list what it says will be Australia's first diversified, alternatives-focused Listed Investment Company (LIC) on the Australian Securities Exchange (ASX).
Explaining the move, the company said that in contrast to most Australian LICs, which invest in listed equities and fixed interest, the Blue Sky Alternatives Access Fund LIC would have a diversified alternatives focus and would be directly managed by Blue Sky's experienced team.
It said the LIC would co-invest alongside direct investors in Blue Sky's managed funds across the company's four alternative asset classes of real assets, private equity and venture capital, private real estate and hedge funds.
Commenting on the move, Blue Sky's investment director Alexander McNab said overseas investors had long enjoyed the benefits of substantial allocations to alternative asset classes but there had been barriers for Australian investors.
"There is a growing appetite for alternatives in Australia, but access and liquidity have been problematic. Until now, these funds were only targeted at institutional investors," he said.
"The Blue Sky Alternatives Access Fund is removing these barriers and providing financial planning, private wealth, SMSF and retail investors with a simpler way to get exposure to Blue Sky's managed alternatives."
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
