Opportunity realised: PM Capital’s Global Opportunities Fund (ASX: PGF) raises $221 million

Paul Moore

PM Capital, a wholly owned subsidiary of ASX-listed specialist alternative investment manager Regal Partners Limited (ASX: RPL), has completed a $221 million capital raising for the PM Capital Global Opportunities Fund Limited (ASX: PGF) (before SPP bids due in coming weeks).

The raise was launched on Tuesday 11 August as a $175 million wholesale placement with an attaching Share Purchase Plan and was subsequently upsized to $221 million, representing PGF’s full allowable placement capacity. Broker books closed early, with total deal demand well in excess of the final deal size.

It is the largest secondary capital raising undertaken across the Regal Partners Group’s ASX-listed investment vehicles. On completion, the Group’s funds under management within ASX-listed vehicles will exceed $3.5 billion across four vehicles; the Regal Investment Fund (ASX: RF1), Regal Asian Investments Limited (ASX: RG8), Regal Partners Global Investments Limited (ASX: RG1) and PGF. Regal Partners has funds under management of approximately $21.4 billion as at 30 June 2026. The transaction was arranged by E&P Capital and Morgans Financial as Joint Arrangers, with E&P Capital, Morgans Financial, Commonwealth Securities, Ord Minnett, Shaw and Partners, Taylor Collison, Bell Potter Securities and Canaccord Genuity (Australia) acting as Joint Lead Managers. The Offer was not underwritten.

PGF, which listed on the ASX in December 2013, invests in a concentrated portfolio of 25 to 45 global companies that PM Capital believes are trading below their intrinsic value, targeting long-term capital growth over a seven-year-plus investment horizon.

For the financial year to 30 June 2026, PGF reported profit after tax attributable to members of $238 million, an increase of 41.5% on the prior year, with net tangible assets before tax accruals rising 17.9%. The Board declared a fully franked final dividend of 7.5 cents per share, up from 6.0 cents a year earlier, payable in October 2026. Net tangible assets before tax accruals stood at $3.07 per share as at 7 August 2026.

Past performance is not a reliable indicator of future performance. Since inception date is 12 December 2013. Returns are after all costs and expenses (excluding tax), including (but not limited to) management fees, listing fees, registry costs, audit costs, and directors’ fees.

Paul Moore, Chief Investment Officer, PM Capital said, “PGF has delivered strong long-term performance for shareholders, and we are pleased to provide both new and existing shareholders with the opportunity to invest in the Company at NTA.

For us, investing is about taking a long-term view and being disciplined about the price we pay. We’ve applied that approach consistently throughout PGF’s history – investing with conviction when we see value and giving those investments time to play out. That has delivered strong long-term returns and supported consistent, fully franked dividends for shareholders.”

Brendan O’Connor, Chief Executive Officer, Regal Partners said, “A book of this size closing early is a clear statement about the quality of the PM Capital team and the performance they have delivered for shareholders.

“Taking our ASX-listed vehicle funds under management beyond $3.5 billion is a significant milestone for the Group. It reflects a deliberate view that the closed-end structure, managed with the same discipline we apply to the portfolios themselves, remains a valuable way for investors to access differentiated global strategies and to receive franked income while doing it. We congratulate Paul and the entire PM Capital team.”