2 asset managers reach fund milestones

Daintree Daintree Capital Hamilton Lane pengana capital fund raising

24 June 2024
| By Laura Dew |
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Daintree Capital has been appointed to Colonial First State’s FirstChoice platform with a $120 million investment for its Core Income Trust Fund, while Hamilton Lane has exceeded targets on a fundraise.

The firm’s Daintree Core Income Trust is being mandated with an initial $120 million investment from the FirstChoice platform.

This means the fund management firm, which is part of Perennial Partners, now manages in excess of $2 billion in fixed income assets for wholesale and institutional investors.

This fund employs an absolute return investment approach which aims to outperform the RBA cash rate by a net margin of 1.5–2 per cent per annum over a rolling three-year term, while delivering investors a steady income stream and focusing on capital preservation.

Justin Tyler, co-founder and director, said: “Quality investment analysis, risk management and diversification are crucial attributes in managing fixed income assets, which is why we believe in an active approach that is aligned to investors’ goals and risk appetite.

“We look forward to working with Colonial and the extensive range of advisers and clients who use the FirstChoice platform to build on the significant footprint that Daintree has established in Australia since 2017.”

Separately, private markets manager Hamilton Lane has closed its Hamilton Lane Secondary Fund VI at US$5.6 billion, exceeding its $5 billion target, which makes it the firm’s largest fundraise.

The firm has been active in the secondary space for more than 24 years and aims to provide investors with significant capital appreciation by delivering attractive risk-adjusted returns. Its previous Hamilton Lane Secondary Fund V closed in 2021 at US$3.9 billion.

“[The fund] materially exceeded its original $5 billion target, seeing strong support from a diverse group of new and existing investors, including corporate and public pension funds, sovereign wealth funds, endowments, foundations, private wealth platforms and other financial institutions from over 30 countries worldwide."

Tom Kerr, co-head of investments and global head of secondary investments, said: “The circumstances driving appetite for liquidity in the [private] market continue to grow, and we are excited to sit in a compelling position with what we believe is one of the most experienced and cohesive secondary platforms.”

Earlier this year, Pengana Capital Group closed an IPO at $160 million for its Global Private Credit Trust, having set a minimum of $100 million.

The fund will be invested in over 2,000 individual loans across 19 underlying managers curated by Mercer, providing access to a highly diversified portfolio across the US and Europe. It also utilises a quarterly off-market buyback offering which will allow investors to make redemptions at net asset value on a quarterly basis.

 

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