Perennial’s third private to public fund fully subscribed
Perennial’s Private to Public Opportunities Fund No.3 (PPP3) has closed its capital raising fully subscribed, attracting $200 million from a range of wholesale investors, and now managed $500 million in the combined strategies.
Announced in July, PPP3 will employ the same investment strategy as funds No. 1 and No. 2, which invested in private companies, initial public offerings at discounted placements, and pre-IPOs.
Brendan Lyons, head of Perennial Private Investments, said investors had been supportive of the fund’s investment process, which focused on the last private offer (LPO) undertaken by founder-led companies prior to an IPO or other liquidity event.
“Our systematic filtering process, coupled with a large and growing pipeline of private opportunities, provides a diversified investment exposure which is otherwise difficult to access,” Lyons said.
The firm also made two new hires in the PPP team with Sydney-based Karen Chan being appointed as senior investment director and Melbourne-based James McQueen being appointed to a legal and execution role.
Over the past 18 months, the PPP funds have experienced 14 IPOs plus one takeover within the portfolio of private companies, which included Booktopia, Aussie Broadband, Lumos Diagnostics and Spire Global.
According to data from FE Analytics, the PPP1 launched in August 2019 and returned 80.39% since inception to 30 July, 2021, versus an average return of 26.88% for the Australian core strategies Australian equities sector.
Return of PPP1 versus Australian equity sector from inception to 30 July 2021
Since inception at the end of October last year, the PPP2 fund returned 7.59% versus 26.59 for the Australian equity sector.
Return of PPP2 versus Australian equity sector from inception to 30 July 2021
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
