Gresham launches tech fund
Financial planners with clients seeking to capitalise on the growth in the technology sector can now take advantage of the recently launched Technology Investment Fund.
Financial planners with clients seeking to capitalise on the growth in the technology sector can now take advantage of the recently launched Technology Investment Fund.
Launched by Gresham Technology Management Ltd the new fund will be managed by TechInvest, headed by Paul Davis.
Davis previously ran the listed technology investment company Nova Pacific Capital, now trading as E*Trade Australia.
The fund will be open to individual and professional investors and will be the only listed vehicle in Australia to provide access to listed technology sector in Australasia and the US.
Gresham hopes to raise $50 to $75 million through the issue of 50 million $1 units with the right to oversubscribe up to 25 million units, and a minimum investment of 2000 units.
Initial unit holders will be provided with one bonus option to acquire a further unit at $1.10 by not later than 31 December 2000 for each unit subscribed.
The fund will concentrate on up to 20 Australasian and 20 US based technology companies at one time and will not buy more 10 per cent of any company it invests in or invest more than 10 per cent of funds under management in any one company.
The fund intends to invest primarily in listed securities but will also be able to acquire pre-IPO and unlisted securities.
AUTHOR
Jason Spits
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