Global Funds for Australian Investors

Across asset classes, market inefficiencies create opportunities which expert managers can exploit to generate alpha. Higher potential alpha occurs in asset classes where there is a wide dispersion between the best and worst performing managers. The key therefore to adding alpha to an investment portfolio, is to identify – in wide dispersion asset classes – those managers which consistently generate top quartile or decile performance. This is the basis of the Spire Global Investment Series.

Funds open to new investment

Spire USA ROC IV Fund (AUD) – CLOSING SOON

CLOSING SOON TO NEW INVESTMENT.

The Fund will invest as a single Limited Partner in two US private equity real estate investment programs implemented by the Investment Manager, Bridge Investment Group LLC; a specialist US real estate manager with over US$10 billion in AUM and over 1,000 employees nationwide. The first investment program will acquire value-add multifamily apartment communities, and will represent approximately 60% to 70% of the Fund’s investments. The second will acquire value-add commercial office buildings in high growth markets within the United States and will represent approximately 30% to 40% of the Fund’s investments.

This combination of exposure to value-add multifamily apartments and value-add commercial office properties is consistent with the highly successful predecessor funds in the ‘ROC’ fund series, which began in 2009. ROC is an acronym for ”Real estate Opportunity Capital”, and reflects the private equity real estate fund thesis of having committed capital available to take advantage of opportunities in the market.

As at the date of the PDS, the Bridge Multifamily Program has a strong pipeline of potential acquisitions, with 12 assets providing 3,884 rental units, having been identified for potential purchase from different sellers, at a total purchase price of US$517,250,000 million. The Bridge Multifamily Program’s first assets are expected to be acquired in mid-late March, following the program’s initial capital raising. The Bridge Multifamily Program is seeking to raise a total of US$1 billion in capital commitments, with a target rate of total return (income plus growth) on invested capital of a 12-14% net IRR (USD denominated). If the Investment Manager is successful in achieving its capital raising target (as we expect it to be), then we would expect approximately US$2.5 billion of multifamily investments to be acquired during the program’s 3-year Investment Period, which will begin on the First Close of the Bridge Multifamily Program (expected to be late March 2018).

The Bridge Office Program is seeking to raise a total of US$750 million in total equity commitments from Limited Partners, with a target rate of total return on invested capital of a 14-16% net IRR (USD denominated). If the Investment Manager is successful in achieving its capital raising target, we would anticipate that between US$1.5 billion and US$2 billion in value-add office properties will be acquired within pre-defined target markets over the program’s 3-year Investment Period, which began in July 2017. As at the date of this PDS, the program has already acquired 19 value-add commercial office assets at a total cost of US$507.65 million. The Investment Manager has estimated that this price represents a 51% discount to replacement cost.

The Investment Manager’s investment approach in both the Bridge Multifamily and Bridge Office Programs combines a disciplined asset selection process with a focus on operationally-oriented, value-added improvements that increase tenant satisfaction and solve vacancy issues. These improvements are designed to drive growth in Net Operating Income (NOI) and value. This value-add approach is core to the Bridge DNA.

The period following the expiration of each program’s Investment Period is known as its Harvest Period, during which Bridge and its affiliates will execute sales of stabilised investments, i.e., those investments whose value-add strategies have been completed, on an individual or portfolio basis. Realised capital and profits will then be returned to investors, whilst net rental income will be distributed annually.

We believe that an investment in the Spire USA ROC IV Fund (AUD) is a worthwhile consideration for those investors seeking to diversify part of their portfolio both globally and into an ‘alternative’ investment strategy which seeks to generate above market returns, with low or potentially inverse correlation to the returns and volatility of Australian and global listed equity markets.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned May 2018) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only.  This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice.  It is not a specific recommendation to purchase, sell or hold the relevant product(s).  Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs.  Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website.  Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments.  Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and athttp://www.zenithpartners.com.au/RegulatoryGuidelines

Ordinary Units

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Fund Facts

Asset Class: Global Real Estate

APIR: ETL8946AU

ASRN: 623 620 440

PDS Date: 6 April 2018

Suggested investment period: 5-7 years

Income Distribution: Not yet available

Redemptions: Nil - Closed Ended

Wrap Access: Not yet available

Applications: open to new investment

Investment Partner: Bridge Investment Group

Spire Copper Rock Capital Global Smaller Companies Fund

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The Fund aims to outperform the MSCI World Small Cap Index $A by 2% to 3% p.a. gross over a full market cycle (e.g. 5 to 7 years).

The Fund is rated “Recommended” by both Lonsec and Zenith Investment Partners.

Copper Rock was nominated as a finalist in the 2015 Money Management / Lonsec Fund Manager of the Year 2015 – in the Emerging Manager category.

Copper Rock Capital Partners LLC (“Copper Rock”), based in Boston, MA, was founded in 2005 and provides specialised global equity investment management solutions for investors throughout the world with a strong focus on small-cap investing globally. Copper Rock had approximately $5.3 billion (USD) in funds under management as at June 30, 2018.  Copper Rock believes that small and mid-cap markets are inefficient and uses a blend of quantitative and fundamental analyses to identify companies with superior growth rates relative to their peers. The Global Small Cap strategy typically looks for resilient and defensible business models that are characterized by underlying unit growth, longer-term market share gains (an evidence of competitive strength), high profitability, and significant internal cash generation. Distinguishing elements of the process are also the application of a routinely practiced and proven Sell Discipline and Alert List that provide risk control and are crucial in preserving alpha earned in the portfolio.

  • The Fund will invest primarily in equity securities of US and non-US issuers listed on globally recognised exchanges of developed markets.
  • Investment in any one region or sector will generally be limited to +/- 6% relative to the Benchmark.
  • Investment in any one security will generally be limited to +/- 3.5% relative to the Benchmark.
  • The Fund may also invest up to 15% in emerging markets.
  • The securities in which the Fund may invest include common stocks, preferred stocks, convertible debt, depository receipts, rights and warrants.
  • The Fund may also invest in initial public offerings and private placements.
  • The Fund will generally hold between 80 and 120 securities.
  • The top 20 holdings will generally form 30% to 40% of the Fund.
  • The Fund will generally hold a maximum of 5% in cash.
  • The Fund will generally be unhedged, but there may be instances where the Fund has the ability to Hedge back into USD.

*Performance is for the Copper Rock Global Small Companies Commingled Fund and is based on month-end unit prices before tax in Australian dollars (AUD). The Spire Copper Rock Global Smaller Companies Fund is a unit class of the Copper Rock Global Small Companies Commingled Fund. Gross performance is stated excluding all fees, costs and taxation. This is historical performance data. It should be noted the value of an investment can rise and fall and past performance is not indicative of future performance.

Ordinary Units

  Net
1 month as at 28 February 2019 - Net of Fees 6.66%
3 months 4.78%
6 months -8.00%
1 Year 1.94%
2 Years 6.25%
3 Years 7.25%
4 Years 3.90%
Since Inception 7.97% p.a.
Fund Size $88.30 Million
Date: Unit Price Net Monthly Return
20 March 2019 ENTRY - 0.9855
20 March 2019 EXIT - 0.9815

downloads

Product Disclosure Statement (PDS) PDS - Reference Guide Interactive Application Form Redemption Form Zenith Research Report White Paper - Global Small Cap Equity Asset Class Study - Australian Perspective. This study presents the case for investing in global small cap equities from an Australian equity investment perspective. Monthly Fact Sheet - February 2019 Monthly Fact Sheet - January 2019 Monthly Fact Sheet - December 2018 Monthly Fact Sheet - November 2018 Monthly Fact Sheet - October 2018 Monthly Fact Sheet - September 2018 Monthly Fact Sheet - August 2018 Monthly Fact Sheet - July 2018 Monthly Fact Sheet - June 2018 Monthly Fact Sheet - May 2018 Monthly Fact Sheet - April 2018 Monthly Fact Sheet - March 2018 Monthly Fact Sheet - February 2018 Monthly Fact Sheet - January 2018 Monthly Fact Sheet December 2017 Monthly Fact Sheet November 2017 Monthly Fact Sheet October 2017 Monthly Fact Sheet September 2017 Monthly Fact Sheet August 2017 Monthly Fact Sheet July 2017 Monthly Fact Sheet June 2017 Monthly Fact Sheet May 2017 Monthly Fact Sheet April 2017 Monthly Fact Sheet March 2017 Monthly Fact Sheet February 2017 Monthly Fact Sheet January 2017 Monthly Fact Sheet December 2016 Monthly Fact Sheet - November 2016 Monthly Fact Sheet - October 2016 Monthly Fact Sheet - September 2016 Monthly Fact Sheet - August 2016 Monthly Fact Sheet - July 2016 Monthly Fact Sheet - June 2016 Monthly Fact Sheet - May 2016 Monthly Fact Sheet - April 2016 Monthly Fact Sheet - March 2016 Monthly Fact Sheet - February 2016 Monthly Fact Sheet - January 2016 Monthly Fact Sheet - December 2015 Monthly Fact Sheet - November 2015 Monthly Fact Sheet - October 2015 Monthly Fact Sheet - September 2015 Monthly Fact Sheet - August 2015 Monthly Fact Sheet - July 2015 Monthly Fact Sheet - June 2015 Monthly Fact Sheet - May 2015 Monthly Fact Sheet - April 2015 Monthly Fact Sheet - March 2015 Monthly Fact Sheet - February 2015

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Period To Distribution Amount (cents per unit) Reinvestment price ($) Distribution Component Information
30 June 2018 6.9153 EX PRICE @ 30 JUNE 2018 $1.0116
30 June 2017 5.6915 EX PRICE @ 30 JUNE 2017 $0.9811
30 June 2016 13.1633 EX PRICE @ 30 JUNE 2016 $0.9212
30 June 2015 13.9636 EX PRICE @ 30 JUNE 2015 $1.1274

Fund Facts

Asset Class: Global Listed Equities

APIR: ETL0410AU

ASRN: 146 874 820

PDS Date: November 2, 2015

Suggested investment period: At least 5 years

Income Distribution: Annual as at 30 June

Redemptions: Daily liquid

Wrap Access: On selected platforms including BT Wrap, Macquarie Wrap, Asgard and mFund. Please contact SPIRE for further information. The Fund is rated "Recommended" by Zenith Investment Partners.

Applications: open to new investment

Investment Partner: Copper Rock Capital Partners

Funds closed to new investment

Spire USA ROC Office Fund I (AUD)

THE FUND IS CLOSED TO NEW INVESTMENT.

The Fund will invest as a single Limited Partner in a US private equity real estate investment program implemented by the Investment Manager, Bridge Investment Group LLC, a specialist real estate manager with in excess of US$10 billion AUM and over 1,000 employees nationwide. The Bridge Office Program which will acquire value-add commercial office buildings in high growth markets within the United States.

Investment in value-add commercial office properties has been an integral part of the investments within the highly successful ‘ROC’ fund series, which began in 2009. ROC is an acronym for ”Real estate Opportunity Capital”, and reflects the private equity real estate fund thesis of having committed capital available to take advantage of opportunities in the market.

The Bridge Office Program is seeking to raise a total of US$750 million in total equity commitments from Limited Partners, with a target rate of total return on invested capital of a 14-16% net IRR (USD denominated). If the Investment Manager is successful in achieving its capital raising target, we would anticipate that between US$1.5 billion and US$2 billion in value-add office properties will be acquired within pre-defined target markets over the program’s 3-year Investment Period, which began in July 2017. As at the date of the PDS, the program has already acquired 19 value-add commercial office assets at a total cost of US$507.65 million. The Investment Manager has estimated that this price represents a 51% discount to replacement cost.

The Investment Manager’s investment approach in the Bridge Office Program combines a disciplined asset selection process with a focus on operationally-oriented, value-added improvements that increase tenant satisfaction and solve vacancy issues. These improvements are designed to drive growth in Net Operating Income (NOI) and value. This value-add approach is core to the Bridge DNA.

The period following the expiration of each program’s Investment Period is known as its Harvest Period, during which Bridge and its affiliates will execute sales of stabilised investments, i.e., those investments whose value-add strategies have been completed, on an individual or portfolio basis. Realised capital and profits will then be returned to investors, whilst net rental incomes are distributed annually .

We believe that an investment in the Spire USA ROC Office Fund I (AUD) is a worthwhile consideration for those investors seeking to diversify part of their portfolio both globally and into an ‘alternative’ investment strategy which seeks to generate above market returns, with low or potentially inverse correlation to the returns and volatility of Australian and global listed equity markets.

Spire USA ROC Office Fund I (AUD) is a unit class of Spire USA ROC IV Fund (AUD).

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 5 June 2018) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at www.zenithpartners.com.au/ regulatory-guidelines-funds-research

Ordinary Units

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Fund Facts

Asset Class: Global Real Estate

APIR: ETL1567AU

ASRN: 623 620 440

PDS Date: 15 June 2018

Suggested investment period: 5-7 years

Income Distribution: Annual as at 30 June

Redemptions: Nil - Closed Ended

Wrap Access: To be advised.

Applications: closed to new investment

Investment Partner: Bridge Investment Group

EVP Fund II

THE FUND IS CLOSED TO NEW INVESTMENT.

Introducing EVP Fund II – an accredited Early Stage Venture Capital Limited Partnership (EVCLP). As such all profits are tax-free, and investors are subject to a 10% rebate on invested capital. The Fund is open to wholesale investors only.

Investing early in Australia’s most successful technology startups to deliver outstanding returns.

The Fund will target returns equivalent to an IRR of 25% per year over a 7 year period. This equates to a 5X on invested capital. This is a target and may not be achieved.

Investments are de-risked by virtue of a strong bias towards B2B, subscription-based business already generating revenues.

  • EVP has a longstanding reputation as one of Australia’s leading technology investors. EVP has backed some of Australia’s most successful startups over the past decade.
  • The team is recognised for its unique and extensive experience scaling early-stage technology companies. Founders routinely seek out EVP as their preferred investment partner.
  • The Fund has a high conviction, active investment approach, partnering with portfolio companies over the long term and working closely with management to drive a return on capital.
  • The Fund’s objective is to deliver a 5 times return on capital over a 7 year period.
  • The Investment Committee has already identified and negotiated Fund II’s initial two investments into Fusion Sports and Pendula. Both of these businesses are materially growing, are profitable, have significant product leadership within their categories and represent proprietary EVP deal flow opportunities not recognised nor approached by any other Australian VC investor.
  • The EVP team invests in real businesses with demonstrable early commercial traction, product in market and paying customers. Typically the founding team has developed a unique software solution to solve a pain point within a niche, but often very large, sector vertical.
  • The Fund is drawn towards businesses with favourable underlying unit economics; typically B2B software-as-a-service businesses that deliver high-margin recurring revenue with minimal churn and scope to increase revenue per customer over time.
  • Capital is allocated to founding teams looking to build out commercial go-to-market capabilities rather than developing technologies or novel ideas.
  • As a result of the Investment Committee’s involvement in over 30 successful startups and its active investment style, the EVP team is able to assist founders to navigate the common hurdles faced by technology businesses and significantly de-risk Fund II’s investments.

Ordinary Units

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Fund Facts

Asset Class: Alternative Assets

APIR: EVP9395AU

ASRN:

PDS Date: N/A - Information memorandum for Wholesale Investors only

Suggested investment period: 7 years +

Income Distribution: N/A

Redemptions: N/A

Wrap Access: N/A

Applications: closed to new investment

Investment Partner: Equity Venture Partners (EVP)

Spire USA ROC III Fund (AUD)

THE FUND IS CLOSED TO NEW INVESTMENT.

Spire USA ROC III Fund (AUD) (the Fund) is the fourth US property-related fund created for Australian investors via the strategic partnership between Spire and US based Bridge Investment Group Partners, LLC (Bridge).

The Fund will invest as a single Limited Partner in a Partnership known as ROC Multifamily & Commercial Office Fund III LP (ROC III), for which Bridge is the Investment Manager. The Partnership is anticipated to comprise US and global institutional investors, endowment funds and family offices.

The ROC III Partnership has a total target equity amount of US$750 million. The Fund is expected to invest between US$50 million and US$100 million, subject to demand via this offer.

ROC III follows predecessor funds ROC I (2009 vintage / US $124 million equity with US$16 million in co-investment) and ROC II (2012 vintage / US$595.5 million equity). As at 30 September 2015, ROC I and ROC II had generated (USD denominated) net Internal Rates of Return (IRRs) of 16.3% p.a. and 28.3% p.a. respectively – and net multiples on invested equity of 1.76x and 1.49x respectively. However, it is important to bear in mind that the past performance of ROC I and ROC II is not a reliable indicator of future performance for ROC III.

Like ROC I and ROC II, ROC III will acquire a portfolio of value-add multifamily and commercial office properties on a ‘buy, fix, sell’ basis. ROC III will have a 3-year Investment Period (expiring January 2018) following which the 5-year Harvest Period will commence.

As at April 2016, an initial 25 properties have been acquired or placed under contract for approximately US$1.1 billion.

These investments are forecast by the Investment Manager, Bridge IGP,  to generate an average deal level 3 year cash- on-cash return of 8.7% p.a., a 19.1% gross IRR and a 1.92x net equity multiple.

The Fund aims to provide investors with an annual income stream and future capital growth from a diversified portfolio of quality properties, each of which Bridge has identified as having realisable value-add potential. The execution of value- added business plan for each asset is designed to enhance Net Operating Incomes and values.

The Fund operates on a total return basis and as such will not measure its returns against a benchmark.

Units in the Fund will not be listed or actively traded and should be considered as a long-term investment. Invested capital is expected to be progressively returned as each asset is stabilised and sold primarily during the Harvest Period, which will begin in January 2018. Alternatively, a portfolio sale or IPO exit could result in a complete return of capital at a single date within the Harvest Period.

The Fund is designed for Australian investors to increase their allocations to both global investments and alternative investments.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 4 January 2016) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners. com.au/ RegulatoryGuidelines.

Ordinary Units

  Net
Performance 1 month as at 28 February 2019 2.37%
Performance rolling 3 months: 2.25%
Performance rolling 6 months: 2.47%
Performance rolling 12 months: 24.87%
Since Inception: 23.65%
Since Inception (p.a): 7.34% p.a.
Date: Unit Price Net Monthly Return
28 February 2019 $1.1265 2.37%
31 January 2019 $1.1004 -3.43%
31 December 2018 $1.1395 3.43%
30 November 2018 $1.1017 -0.15%
31 October 2018 $1.1033 1.98%
30 September 2018 $1.0819 -1.58%
31 August 2018 $1.0993 7.75%
31 July 2018 $1.0202 -0.67%
30 June 2018 (EX) $1.0271 2.35%
30 June 2018 (CUM) $1.1014 2.35%
31 May 2018 $1.0761 3.16%
30 April 2018 $1.0431 1.55%
31 March 2018 $1.0272 6.18%
28 February 2018 $0.9674 3.84%
31 Januay 2018 $0.9316 -2.54%
31 December 2017 $0.9559 -2.99%
30 November 2017 $0.9854 3.37%
31 October 2017 $0.9533 2.26%
30 September 2017 $0.9322 0.96%
31 August 2017 $0.9233 0.58%
31 July 2017 $0.9180 -0.57%
30 June 2017 $0.9233 (EX) -2.96
30 June 2017 $0.9451 (CUM) -2.96%
31 May 2017 $0.9739 0.45%
30 April 2017 $0.9695 4.07%
31 March 2017 $0.9316 3.76%
28 February 2017 $0.8978 -1.35%
31 January 2017 $0.9101 -4.67%
31 December 2016 $0.9547 1.98%
30 November 2016 $0.9362 1.29%
31 October 2016 $0.9243 0.50%
30 September 2016 $0.9197 -1.91%
31 August 2016 $0.9376 (CUM) N/A
31 August 2016 $0.9297 ISSUE PRICE N/A - FX only during capital raising
31 July 2016 $0.9545 ISSUE PRICE N/A - FX only during capital raising
30 June 2016 $0.9593 ISSUE PRICE N/A - FX only during capital raising
31 May 2016 $0.9850 ISSUE PRICE N/A - FX only during capital raising
30 April 2016 $0.9341 ISSUE PRICE N/A - FX only during capital raising
31 March 2016 $0.9338 ISSUE PRICE N/A - FX only during capital raising