Macquarie fund a big hit
Macquarie's latest private equity fund has been a hit with retail investors, with the fund closing oversubscribed.
Macquarie's latest private equity fund has been a hit with retail investors, with the fund closing oversubscribed.
In what is believed to be the first major retail venture capital offering, the Macquarie Private Equity Trust closed with $70 million of retail investors' funds. As reported in Money Management, the fund initially hoped to raise $50 million from retail investors with a minium investment commitment of $30,000 and a further $100 million from institutional investors with a $500,000 minimum in-vestment.
Macquarie Investment Management executive director Tim Farrelly says the group may now decrease the allocation to institutional investors in favour of retail investors.
Farrelly says the offering had been popular with self-managed superannuation funds (SMSFs) because of the long investment horizon and attractive returns. He reckons about half of the funds committed to the trust came from SMSFs, and even more than half of those recommended by advisers were to be used for SMSFs.
Farrelly says there is plenty of demand for venture capital funds from investors but the company is wary of the depth of good opportunities in start-up projects.
Ends
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
