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Perennial hits $125m cap for second pre-IPO fund

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AFR – Sarah ThompsonAnthony Macdonald and Tim Boyd

Perennial Value’s second pre-IPO and private raisings fund has hit its fundraising ceiling.

Street Talk understands the fund manager wrapped up a cash call for its second Perennial Private to Public Trust on Friday last week, and snared the full $125 million it set out to raise.

It is understood the fund already has a bunch of investments in the pipeline in the healthcare, e-commerce and technology sectors ready to roll and will start deploying the $125 million in coming weeks.

The team overseeing the fund’s investments includes the same pair that looked after trust one – which launched in May last year – Perennial’s head of small caps Andrew Smith and Ryan Sohn.

They’re joined by ex-Goldman Sachs co-head of equities and Perennial’s new head of private investments Brendan Lyons, who joined the money manager in August.

The trust will look to make 30 to 45 investments over a five year period in listed growth companies, pre-IPO raisings, IPOs and placements. For pre-IPO investments, it will typically back businesses that are targeting a listing within 12 months.

Perennial’s first private to public fund took positions in the likes of soft tissue regeneration business Aroa Biosurgery, lung imaging technology outfit 4DMedical and diagnostic testing business Atomo Diagnostics.

All three of those companies are now listed on the ASX.

This article first appeared in the AFR – click here to read the original article.