The Alternatives Access Fund will be listed on the ASX on Monday 16 June and will be Australia’s only directly managed, alternatives-focused listed investment company, according to Blue Sky.
Blue Sky managing director Alexander McNab told InvestorDaily the listed investment structure has removed a lot of the structural barriers that have made it challenging for individual investors to get exposure to alternatives.
He said prior to the Alternatives Access Fund LIC, liquidity was a major barrier for investors wanting to access alternatives, particularly as a lot of wealth management platforms require a degree of liquidity.
“The listed investment company structure means the opportunity is available to a much broader range of investors than was the case,” he said.
Mr McNab thanked financial advisory firm Ord Minnett and stockbroking financial planning firm Morgans Corporate for their role in the capital raising.
Ord Minnett director of corporate finance Ben Wilson said it had received a lot of interest from financial planning, private wealth, SMSF and retail investors who had found it hard to access alternatives until now.
“While most Australian LICs invest in listed equities and fixed interest, the Alternatives Access Fund will hold a diversified portfolio of alternative assets managed by Blue Sky across the company’s four divisions of real assets, private equity and venture capital, private real estate and hedge funds,” he said.
A Blue Sky statement said the IPO exceeded the minimum subscription level of $50 million.
