Alexander McNab

Blue Sky Alternatives Access Fund Limited  has successfully completed a $20 million capital raise through a one for three non-renounceable entitlement offer.

The funds raised will be used to build on the listed investment company’s actively managed portfolio of alternative assets across private equity and venture capital, water and agriculture, hedge funds and private real estate.

The Blue Sky Alternatives Access Fund is the only listed investment company (LIC) on the ASX allowing investors to make a strategic allocation to a diverse portfolio of directly managed alternative assets.

Blue Sky Chief Investment Officer, Alexander McNab, said alternatives enhance the risk/return characteristics of a portfolio.

“Alternative assets have the potential to enhance returns, and with the share market and property valuation looking stretched, the diversification alternative assets provides is key to reducing a portfolio’s volatility and correlation to traditional markets,” Mr McNab said.

“The LIC gives investors the opportunity to invest in alternative assets through an ASX-listed structure that is more readily accessible and liquid than typical alternative assets.”

Blue Sky advised the capital is likely to be fully deployed in the next three months.

“We have a strong pipeline of investment opportunities across a wide variety of alternative assets,” Mr McNab said.

The new shares will be entitled to receive any dividend in respect of the year ending 30 June 2015, to the extent that any dividend is declared. The Blue Sky Alternatives Access Fund Limited’s board currently anticipates a partially franked two to three cent per share year-end dividend, subject to ongoing investment performance and portfolio realisations.

Ord Minnett Limited and Morgans Corporate Limited acted as joint lead managers for the capital raise.

The Blue Sky Alternatives Access Fund is managed by a wholly-owned subsidiary of Blue Sky Alternative Investments Limited.

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