Perennial Value Management is launching a second closed-ended fund for wholesale investors, the Perennial Private to Public Opportunities Fund No.2.
It would launch on 1 September, 2020, and close on 2 October, 2020, with the goal of raising up to $125 million in new capital.
The fund would employ the same investment strategy as its predecessor with the goal of generating superior returns from an actively managed portfolio of 30-45 unlisted, pre-initial public offering (IPO) and listed Australian companies over a five-year period.
The fund offered investors access to a universe of over 6,000 companies approximately three years away from being listed on the Australian Securities Exchange (ASX).
Cesar Farfan, Perennial’s head of retail distribution, said the launch was in response to strong investor interest following the success of the first fund, which was now fully invested and had delivered a total return of 31.6% net of fees since inception on 19 August, 2019, including a 5% distribution in July.
“Off the back of the strong performance of our first fund, we have seen high demand from institutions, high net worth investors and family offices for further investment opportunities in this exciting space,” Farfan said.
The portfolio management team of the fund was Andrew Smith, head of smaller companies and microcaps; Ryan Sohn, deputy portfolio manager; and Brendan Lyons who recently joined as a portfolio manager dedicated to private investments.