Brendan Lyons
Perennial is pleased to announce the launch of a new private growth ventures fund.
The Perennial Private Ventures Fund will open to wholesale investors on 26 April 2022. Pre-marketing for the new fund has already commenced, with strong initial interest and cornerstone capital already identified. The target raise for the new fund is $200m+ from a mix of wholesale private investors, family offices and super funds.
The fund will offer investors access to high growth private businesses located primarily in Australia. The fund will leverage Perennial’s experience and track record in private company investing via its existing funds in this rapidly growing sector of the market.
Portfolio Manager Ryan Sohn said: “The Perennial Private investment team is seeing a rapidly increasing pipeline of high-quality growth stage private companies. These companies are staying private for longer, and this drives the need for patient institutional capital which this new fund will help supply. Perennial is uniquely positioned to partner with the very best founders and companies on their complete journey.”
Investment strategy
The Perennial Private Ventures Fund will target the high returns of early-stage venture capital, but with a faster route to liquidity and lower overall portfolio risk. This will be achieved through a combination of layered portfolio management, deal structuring, value discipline, and a proactive management style regarding the fund’s investments.
Ryan Sohn said: “There is an increasing gap in the domestic market at the private growth stage – the new Perennial Private Ventures Fund is solving for this. There has been increased activity in early stage investing in Australia, however this market has now evolved, and these companies are increasingly looking for institutional capital to help drive the next stage of their private growth strategy.”
Strong track record in Private Growth Stage Investing
Perennial has a strong track record of deploying capital into private markets, including the Private to Public Opportunity Funds (PPP) and the Perennial Value Microcap Opportunities Trust. Perennial has partnered with many successful private companies including Koala, Animoca Brands, Spriggy, Indebted, Emesent, Xpansiv, Sonder and Songtradr.
Brendan Lyons, Portfolio Manager and Head of Private Investments, said: “Perennial has invested in over 80 private companies in the last five years, and a third of these have now transitioned to IPO or private takeover. The Perennial Private investment team has deep experience in both private and public markets as well as managing corporate transactions.”
The first Perennial Private to Public Opportunities Fund (PPP1) launched in August of 2019 and has returned +169% (net of all fees) since inception or a 2.7x net multiple on invested capital as at the end of January 2022.
