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) – NEW

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

Subscribe to updates on this and other Spire funds

Receive performance information, news and views direct to your email inbox.

* indicates required

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 USA ROC Office Fund I (AUD) – NEW

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

Subscribe to updates on this and other Spire funds

Receive performance information, news and views direct to your email inbox.

* indicates required

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: open to new investment

Investment Partner: Bridge Investment Group

US Workforce Affordable Housing (Wholesale Investors only)

NOW OPEN FOR INVESTMENT FOR WHOLESALE INVESTORS

NEXT CLOSE DECEMBER 2017

Opportunity to invest in, preserve, and rehabilitate workforce and affordable multifamily housing communities in high-growth U.S. markets

  • America is faced with an affordable housing crisis, with an estimated 12 million renter and homeowner households paying more than 50% of their annual incomes for housing1
  • Existing affordable housing often does not include community and life-enhancing services in which Bridge specialises
  • There has been a 9% decline in Class B/C multifamily units as a percentage of total stock since 20003
  • The need to preserve affordable housing is driven by healthy demand from middle and lower income tenants combined with an overall decrease in the homeownership rate
  • Current chill in Low-Income Housing Tax Credit (LIHTC) investments due to expected tax reform further exacerbates the dire shortage of affordable housing

Differentiated, focused, and socially responsible investment and asset management strategy

  • Acquire and create communities that offer quality workforce and affordable housing
  • Create socially responsible communities that are more than “four walls and a roof” by:
  • Renovating older “B” and “C” class assets, adding amenities comparable to new communities
  • Improving unit interiors and common areas
  • Implementing extensive community and social programs through alliances with strategic service providers
  • Concentrate on Metropolitan Statistical Areas (MSAs) and sub-markets with strong population and job growth where affordable, high-quality housing is in high demand but in short and diminishing supply

Senior team members average 25 years of experience in the multifamily sector

  • Since 1991, senior members of the team have developed, acquired, and managed 184 multifamily properties and completed approximately $4.4 billion of multifamily transactions across the U.S.
  • Special focus on value-added acquisitions, in-depth capital improvements, and operational efficiencies
  • The senior executives have acquired, leased, developed, and/or operated over 60,000 units of multifamily properties throughout multiple cycles in most major markets and prime submarkets

Targeting $500 million of equity capital in a closed-ended fund structure with 13-15% gross internal rate of return (“IRR”), 10-12% net IRR (assuming 5 year hold) with quarterly distributions

  • Target investments are intended to satisfy Community Reinvestment Act (CRA) requirements; with a minimum of 51%+ of the units occupied by families that earn a maximum of 80% of the Area’s Median Income (AMI)
  • Bridge will rebate some fees to fund social programs and facilitate impact investments
  • LPs are expected to receive stable quarterly cash flows as well as CRA benefits (for CRA-benefit-eligible investors)4

Ordinary Units

Subscribe to updates on this and other Spire funds

Receive performance information, news and views direct to your email inbox.

* indicates required

Fund Facts

Asset Class: Global Real Estate

APIR: N/A

ASRN: N/A

PDS Date: N/A

Suggested investment period: 6 - 8 years

Income Distribution: Quarterly

Redemptions: Nil - Closed Ended

Wrap Access: N/A

Applications: open to new investment

Investment Partner: Bridge Investment Group

Spire Copper Rock Capital Global Smaller Companies Fund

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 actual outperformance of the Copper Rock Global Small Companies Fund since its inception date December 1, 2010 has been 2.3% p.a. above the MSCI World Small Cap Index*.

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

Copper Rock has been 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.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 4 December 2014) 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
1 month as at 31 August 2018 - Net of Fees 5.36%
3 months 6.03%
1 Year 18.26%
2 Years 13.34%
3 Years 6.33%
4 Years 12.06%
Since Inception 11.15% p.a.
Fund Size $96.2 Million
Date: Unit Price Net Monthly Return
17 September 2018 ENTRY - 1.0643
17 September 2018 EXIT - 1.0600

downloads

Product Disclosure Statement (PDS) PDS - Reference Guide Interactive Application Form Redemption Form 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. Zenith Research Lonsec Research 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

Subscribe to updates on this and other Spire funds

Receive performance information, news and views direct to your email inbox.

* indicates required

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 both Lonsec and Zenith Investment Partners.

Applications: open to new investment

Investment Partner: Copper Rock Capital Partners

Funds closed to new investment

Spire USA ROC III Fund (AUD)

THIS FUND IS NOW 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 31 August 2018 7.75%
Performance rolling 3 months: 9.55%
Performance rolling 6 months: 21.86%
Performance rolling 12 months: 27.68%
Since Inception: 20.67%
Since Inception (p.a): 7.80% p.a.
Date: Unit Price Net Monthly Return
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 $0.9338 ISSUE PRICE N/A - FX only during capital raising
Period To Distribution Amount (cents per unit) Reinvestment price ($) Distribution Component Information
30 June 2018 7.4290 CPU inc 0.000 CPU FITOs N/A
30 June 2017 2.1829 CPU inc 0.000 CPU FITO N/A

Fund Facts

Asset Class: Global Real Estate

APIR: ETL0460AU

ASRN: 609 038 600

PDS Date: 18 March 2016

Suggested investment period: 5 - 7 years

Income Distribution: Annually as at 30 June

Redemptions: N/A

Wrap Access: BT Wrap and others. Please speak with Spire regarding platform availability

Applications: closed to new investment

Investment Partner: Bridge Investment Group

Spire USA ROC II Fund (AUD)

The Fund is closed to new investment.

The Fund acts as an Australian feeder fund into the assets of Real Estate Opportunity Capital Fund, LP (“ROC II”). ROC II is a US$2.1 billion “buy, fix, sell” private equity real estate fund, investing in value-add US multifamily apartment communities and office buildings, which are generally acquired opportunistically from distressed sellers or Mortgagees in Possession.

The Fund owns a 5.88% share of a diversified portfolio of ‘value-add’ real estate assets across the US. As at the date of this update, the ROC II portfolio had invested in 52 multifamily apartment communities and 9 office buildings, and of these 11 have now been sold at an average 22.2% net IRR and 1.38x multiple on invested equity. US$1.9 billion in assets remain, which will also be progressively sold down during the ‘harvest period’ as each asset’s value has been maximised and stabilised.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 5 April 2013) 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 31 July 2018 -0.80%
Performance rolling 3 months: -7.93%
Performance rolling 6 months: -1.77%
Performance rolling 12 months: 2.93%
Since inception 77.41%
Since inception p.a. 11.94% p.a.
Date: Unit Price Net Monthly Return
31 July 2018 $0.0991 -0.80%
30 June 2018 (EX) $0.0999
30 June 2018 (CUM) $0.3748 -7.00%
31 May 2018 $0.4030 -0.20%
30 April 2018 $0.4038 1.64%
31 March 2018 $0.3973 1.04%
28 February 2018 $0.3932 3.88%
31 January 2018 $0.3785 -1.15%
31 December 2017 $0.3829 -2.94%
30 November 2017 $0.3945 2.63%
31 October 2017 $0.3844 2.29%
30 September 2017 $0.3758 0.91%
31 August 2017 $0.3724 3.10%
31 July 2017 $0.3612 -3.65%
30 June 2017 $0.3749 (EX) 2.50%
30 June 2017 $1.3686 (CUM) 2.52%
31 May 2017 $1.3963 2.50%
30 April 2017 $1.3622 1.98%
31 March 2017 $1.3358 0.82%
28 February 2017 $1.3249 -1.30%
31 January 2017 $1.3424 -4.67%
31 December 2016 $1.4082 3.92%
30 November 2016 $1.3551 2.91%
31 October 2016 $1.3168 0.49%
30 September 2016 $1.3104 -1.83%
31 August 2016 $1.3348 6.33%
31 July 2016 $1.2554 -2.04%
30 June 2016 $1.2815 (EX) -1.59%
30 June 2016 $1.5647 (CUM) -1.59%
31 May 2016 $1.5901 6.31%
30 April 2016 $1.4957 -4.21%
31 March 2016 $1.4847 -3.94%
29 February 2016 $1.5456 -1.01%
31 January 2016 $1.5614 2.81%
31 December 2015 $1.5187 -0.45%
30 November 2015 $1.5255 -1.59%
31 October 2015 $1.5501 -1.61%
30 September 2015 $1.5754 -7.30%
31 August 2015 $1.6994 9.52%
31 July 2015 $1.5517 4.78%
30 June 2015 (CUM) $1.5502 -0.43%
31 May 2015 $1.5569 7.188%
30 April 2015 $1.4525 -3.1731%
31 March 2015 $1.5001 15.13%
28 February 2015 $1.3030 -0.59%
31 January 2015 $1.3107 4.99%
31 December 2014 $1.2484 4.22%
30 November 2014 $1.1979 4.60%
31 October 2014 $1.1452 -0.50%
30 September 2014 $1.1509 6.10%
31 August 2014 $1.0847 0.17%
31 July 2014 $1.0829 0.13%
30 June 2014 (ex Div) $1.1060 -1.55%
31 May 2014 $1.1234 -0.44%
30 April 2014 $1.1284 -0.01%
31 March 2014 $1.1285 -5.56%
28 February 2014 $1.1949 -3.14%
31 January 2014 $1.2336 2.19%
31 December 2013 $1.2080 3.99%
30 November 2013 $1.1617 8.18%
31 October 2013 $1.0739 10.325%
30 September 2013 $0.9734 -3.50%
31 August 2013 $1.0087 6.012%

downloads

Annual Report 30 June 2015 PDS - Spire USA ROC II Fund (AUD) Zenith Research – Spire ROC II Fund (AUD) Monthly Update - June 2018 Monthly Update - May 2018 Monthly Update - April 2018 Monthly Update - March 2018 Monthly Update - February 2018 Monthly Update - January 2018 Monthly Update - December 2017 Monthly Update - November 2017 Monthly Update - October 2017 Monthly Update - September 2017 Monthly Update - August 2017 Monthly Update - July 2017 Monthly Update - June 2017 Monthly Update - May 2017 Monthly Factsheet - April 2017 Monthly Update - April 2017 Monthly Update - March 2017 Monthly Update - February 2017 Monthly Update - January 2017 Monthly Update - December 2016 Monthly Update - November 2016 Monthly Update - October 2016 Monthly Update - September 2016 Monthly Update - August 2016 Monthly Update - July 2016 Monthly Update - June 2016 Monthly Update - May 2016 Monthly Update - April 2016 Monthly Update - March 2016 Monthly Update - February 2016 Monthly Update - January 2016 Monthly Update - December 2015 Monthly Update - November 2015 Monthly Update - October 2015 Monthly Update - September 2015 Unit Price Delay Notification - September 2015 Monthly Update - August 2015 Monthly Update - July 2015 Monthly Update - June 2015 Monthly Update - May 2015 Monthly Update - April 2015 Monthly Update - March 2015 Monthly Update - February 2015 Monthly Update - January 2015 Monthly Update - December 2014 Monthly Update - November 2014 Monthly Update - October 2014 Monthly Update - September 2014 Monthly Update - August 2014 Monthly Update - July 2014 Monthly Update - June 2014 Monthly Update - May 2014 Monthly Update - April 2014 Monthly Update - March 2014 Monthly Update - February 2014 Monthly Update - January 2014 Monthly Update - December 2013 Monthly Update - November 2013 Monthly Update - October 2013 Monthly Update - September 2013 Monthly Update - August 2013 Monthly Update - July 2013 Monthly Update - August 2013

Subscribe to updates on this and other Spire funds

Receive performance information, news and views direct to your email inbox.

* indicates required

Period To Distribution Amount (cents per unit) Reinvestment price ($) Distribution Component Information
30 June 2018 60.0213 CPU inc 32.5289 CPU FITOs N/A
30 June 2017 114.8244 CPU inc 15.4574 CPU FITO N/A
30 June 2016 29.0584 CPU inc 0.7398 CPU FITO N/A
30 June 2015 7.4138 CPU inc 0.483 CPU FITO N/A
30 June 2014 1.5362 CPU inc 0.3890 CPU FITO N/A

Fund Facts

Asset Class: Global Real Estate

APIR: ETL04371AU

ASRN: 162 507 020

PDS Date: 5 April 2013

Suggested investment period: At least 7 years

Income Distribution: Annual as at 30 June

Redemptions: N/A Closed Ended

Wrap Access: Available on BT Wrap and Asgard

Applications: closed to new investment

Investment Partner: Bridge Investment Group

Spire USA ROC Seniors Housing and Medical Properties Fund II

NOW CLOSED TO INVESTMENT

Spire has again partnered with US based Bridge Investment Group LLC, to provide Australian investors with the ability to access income and growth via an investment in the US Senior Housing and Medical Properties market.

Spire USA ROC Senior Housing and Medical Properties Fund II, will operate as a feeder fund to the underlying US investments sourced and managed by Spire’s US real estate partner, Bridge Investment Group  LLC.

The Fund acts as an Australian feeder fund into the assets of Bridge Seniors Housing and Medical Properties Fund II, LP (“Bridge Seniors II”). Bridge Seniors II is a “buy, fix, sell” private equity real estate fund, investing in income producing and value-add US seniors housing and medical office properties.

The Fund intends to provide investors with meaningful and consistent Current Income paid on an annual basis and the potential for strong capital appreciation and attractive risk-adjusted returns by investing in select Seniors Housing properties located throughout the US. The Fund will focus on independent living (“IL”), assisted living (“AL”) and memory care (“MC”) facilities, although the portfolio may also include skilled nursing facilities (“SNF”) and continuing care retirement communities (“CCRC”). The Fund also intends to opportunistically invest in select medical office and other healthcare-related properties which represent exceptional value.

Following the Investment Period, an exit strategy will be executed, which may include an IPO or trade sale of the portfolio.

Bridge Seniors II will acquire assets that will benefit from what is being called the “Silver Tsunami’ – the US ageing population demographic, in which over 10,000 people per day are turning 65.

Each asset acquired will have a value-add strategy which will be implemented to increase the property’s cash flow and total return. In many cases this will involve increasing the number of Memory Care beds in a facility. Memory Care is a relatively new specialist sector and asset class within the US senior housing market, which provides specialist accommodation and care programs for residents afflicted with dementia; the leading cause of which is Alzheimer’s disease.

Currently in the US, there are over 5 million people living with Alzheimer’s and someone develops Alzheimer’s every 68 seconds. Yet there are only 35,000 Memory Care beds available. Accordingly, most Memory Care facilities are 100% occupied – with waiting lists.

Following the amalgamation of the portfolio during the Fund’s Investment Period, Bridge will asses the method and timing of the most profitable exit strategy for the portfolio. It is expected that this exit strategy will seek to exploit the pricing differences between the private markets and the public markets, via a portfolio or portfolio sales to publicly traded Real Estate Investment Trusts (REITs), or via an Initial Public Offering (IPO) of the portfolio as a new REIT. Alternatively individual assets may be sold when value has been maximised.

The Bridge  team behind the underlying Bridge Seniors II program, concluded a similar strategy in 2006 via the sale of a US$5 Billion portfolio of US Senior Housing properties to a publicly traded REIT, generating a portfolio Internal Rate of Return (IRR) of 33% (p.a.).

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned February 2017) 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

  Net
1 Month as at 31 August 2018 2.00%
Rolling 3 Months 3.68%
Rolling 6 Months 4.84%
Rolling 12 Months 4.70%
Since Inception -0.15%
Since Inception p.a. -0.10% p.a.
Date: Unit Price Net Monthly Return
31 August 2018f $1.3132 2.00%
31 July 2018 $1.2874 -0.67%
30 June 2018 (EX) $1.2961 2.32%
30 June 2018 (CUM) $1.3028 2.32%
31 May 2018 $1.2732 -0.23%
30 April 2018 $1.2761 1.54%
31 March 2018 $1.2567 -0.19%
28 February 2018 $1.2591 3.82%
31 January 2018 $1.2128 -3.45%
31 December 2017 $1.2561 -3.00%
30 November 2017 $1.2949 -0.71%
31 October 2017 $1.3042 N/A - FX only
29 September 2017 $1.2745 N/A - FX only
31 August 2017 $1.2608 N/A - FX only
31 July 2017 $1.2526 N/A - FX only
30 June 2017 $1.3037 N/A - FX only
31 May 2017 $1.3433 N/A - FX only
28 April 2017 $1.3372 N/A - FX only
31 March 2017 $1.3109 N/A - FX only
Period To Distribution Amount (cents per unit) Reinvestment price ($) Distribution Component Information
30 June 2018 N/A

Fund Facts

Asset Class: Global Real Estate

APIR: ETL1507AU

ASRN: 616 633 357

PDS Date: 17 February 2017

Suggested investment period: 5-7 years

Income Distribution: Annual as at 30 June

Redemptions: N/A - The Fund is Closed Ended

Wrap Access: Bt Wrap, Asgard, Colonial First State. Others - asks Spire for details.

Applications: closed to new investment

Investment Partner: Bridge Investment Group

Spire USA ROC Seniors Housing and Medical Properties Fund (AUD)

1.THIS FUND IS NOW CLOSED TO NEW INVESTMENT.

Spire’s second Fund has again partnered with US based Bridge Investment Group Partners, LLC, to provide Australian investors with the ability to access income and growth via an investment in the US Senior Housing and Medical Properties market.

Like Spire’s inaugural “ROC II” Fund, Spire USA ROC Senior Housing and Medical Properties Fund (AUD), will operate as a feeder fund to the underlying US investments sourced and managed by Spire’s US real estate partner, Bridge Investment Group Partners, LLC.

The Fund acts as an Australian feeder fund into the assets of ROC Seniors Housing and Medical Properties Fund, LP (“ROC Seniors”). ROC Seniors is a “buy, fix, sell” private equity real estate fund, investing in income producing and value-add US seniors housing and medical office properties.

The Fund owns a proportionate share of a current diversified portfolio of 50 separate real estate assets across the US, which have been acquired for approximately US$1.5 billion.

During ROC Senior’s 4 year Investment Period, the portfolio is expected to grow to US$2 billion in income generating assets.

Following the Investment Period, an exit strategy will be executed, which may include an IPO or trade sale of the portfolio.

The Fund will acquire assets that will benefit from what is being called the “Silver Tsunami’ – the US ageing population demographic, in which over 10,000 people per day are turning 65.

sm1sm3sm2

Each asset acquired will have a value-add strategy which will be implemented to increase the property’s cash flow and total return. In many cases this will involve increasing the number of Memory Care beds in a facility. Memory Care is a relatively new specialist sector and asset class within the US senior housing market, which provides specialist accommodation and care programs for residents afflicted with dementia; the leading cause of which is Alzheimer’s disease.

Currently in the US, there are over 5 million people living with Alzheimer’s and someone develops Alzheimer’s every 68 seconds. Yet there are only 35,000 Memory Care beds available. Accordingly, most Memory Care facilities are 100% occupied – with waiting lists.

sm4sm5sm6

Following the amalgamation of the portfolio during the Fund’s Investment Period, Bridge will asses the method and timing of the most profitable exit strategy for the portfolio. It is expected that this exit strategy will seek to exploit the pricing differences between the private markets and the public markets, via a portfolio or portfolio sales to publicly traded Real Estate Investment Trusts (REITs), or via an Initial Public Offering (IPO) of the portfolio as a new REIT. Alternatively individual assets may be sold when value has been maximised.

The Bridge Investment and Asset Management team behind the underlying ROC Seniors program, concluded a similar strategy in 2006 via the sale of a US$5 Billion portfolio of US Senior Housing properties to a publicly traded REIT, generating a portfolio Internal Rate of Return (IRR) of 33% (p.a.).

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 20 May 2014) 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
1 month as at 31 August 2018 6.95%
Rolling 3 months 8.62%
Rolling 6 months 13.57%
Rolling 12 months 18.16%
Since Inception 41.64%
Since Inception p.a. 8.71% p.a.
Date: Unit Price Net Monthly Return
31 August 2018 $1.3057 6.95%
31 July 2018 $1.2209 -0.76%
30 June 2018 (EX) $1.2302 2.34%
30 June 2018 (CUM) $1.3096 2.34%
31 May 2018 $1.2797 -0.88
30 April 2018 $1.2910 1.57%
31 March 2018 $1.2711 3.86%
28 February 2018 $1.2239 3.84%
31 January 2018 $1.1786 -2.83%
31 December 2017 $1.2129 -3.08%
30 November 2017 $1.2515 3.17%
31 October 2017 $1.2131 2.26%
30 September 2017 $1.1863 0.84%
31 August 2017 $1.1764 1.97%
31 July 2017 $1.1537 -3.95
30 June 2017 $1.2012 (EX) -3.07
30 June 2017 $1.2187 (CUM) -3.07
31 May 2017 $1.2573 2.81%
30 April 2017 $1.2229 1.78%
31 March 2017 $1.2015 3.90%
28 February 2017 $1.1564 -1.35%
31 January 2017 $1.1722 -4.66%
31 December 2016 $1.2295 1.97%
30 November 2016 $1.2058 6.31%
31 October 2016 $1.1342 0.47%
30 September 2016 $1.1289 -1.83%
31 August 2016 $1.1500 0.59%
31 July 2016 $1.1433 -2.10%
30 June 2016 $1.1678 (EX) -2.80%
30 June 2016 $1.1729 (CUM) -2.80%
31 May 2016 $1.2067 5.74%
30 April 2016 $1.1412 0.71%
31 March 2016 $1.1331 -6.15%
29 February 2016 $1.2073 -1.08%
31 January 2016 $1.2205 2.78%
31 December 2015 $1.1875 FX ONLY - CAPITAL RAISING PERIOD
30 November 2015 $1.2584 FX ONLY - CAPITAL RAISING PERIOD
31 October 2015 $1.2654 FX ONLY - CAPITAL RAISING PERIOD
30 September 2015 $1.2869 FX ONLY - CAPITAL RAISING PERIOD
31 August 2015 $1.2605 FX ONLY - CAPITAL RAISING PERIOD
31 July 2015 $1.2397 FX ONLY - CAPITAL RAISING PERIOD
30 June 2015 $1.2146 FX ONLY - CAPITAL RAISING PERIOD
31 May 2015 $1.2204 FX ONLY - CAPITAL RAISING PERIOD
30 April 2015 $1.1686 FX ONLY - CAPITAL RAISING PERIOD
31 March 2015 $1.2217 FX ONLY - CAPITAL RAISING PERIOD
28 February 2015 $1.1982 FX ONLY - CAPITAL RAISING PERIOD
31 January 2015 $1.2001 FX ONLY - CAPITAL RAISING PERIOD
31 December 2014 $1.1453 FX ONLY - CAPITAL RAISING PERIOD
30 November 2014 $1.0996 FX ONLY - CAPITAL RAISING PERIOD
31 October 2014 $1.0638 FX ONLY - CAPITAL RAISING PERIOD
30 September 2014 $1.0731 FX ONLY - CAPITAL RAISING PERIOD
31 August 2014 $1.0073 FX ONLY - CAPITAL RAISING PERIOD
31 July 2014 $1.0096 FX ONLY - CAPITAL RAISING PERIOD
30 June 2014 $1.000 N/A - FX ONLY

Subscribe to updates on this and other Spire funds

Receive performance information, news and views direct to your email inbox.

* indicates required

Period To Distribution Amount (cents per unit) Reinvestment price ($) Distribution Component Information
30 June 2018 8.3096 CPU onc 0.3675 CPU FITOs N/A
30 June 2017 2.0697 CPU inc 0.3165 CPU FITO N/A
30 June 2016 0.6322 CPU inc 0.1150 CPU FITO N/A

Fund Facts

Asset Class: Global Real Estate

APIR: ETL0412AU

ASRN: 162 507 020

PDS Date: 20 May 2014

Suggested investment period: At least 7 years

Income Distribution: Annual as at 30 June

Redemptions: N/A Closed Ended

Wrap Access: Available on BT Wrap, Asgard and others

Applications: closed to new investment

Investment Partner: Bridge Investment Group

Spire Wholesale Alternative Income Fund No.1 (AUD)

This Fund is now Closed to Investment

This Fund is available to Wholesale Clients only and is a partnership between Spire and its long-time U.S. real estate investment partner Bridge Investment Group Partners, LLC.

The Fund is a private debt fund and aims to generate a total return (IRR) of 11-13% p.a. from investing in  loans backed by U.S. multifamily apartment communities and other commercial real estate. The loans will either be originated by Freddie Mac Multifamily or Bridge directly.

Ordinary Units

  Net
Quarterly Performance as at 30 June 2018
3 Months 3.47%
6 Months 9.83%
1 Year 10.53%
Since inception 14.34%
Since inception (% p.a) 5.29%
Date: Unit Price Net Monthly Return
30 June 2018 (EX) $0.5980 3.47%
30 June 2018 (CUM) $0.6649 3.47%
31 March 2018 (EX) $0.6426 6.15%
31 March 2018 (CUM) $0.8878 6.15%
31 December 2017 (EX) $0.8634 2.70%
31 December 2017 (CUM) $0.8673 2.70%
30 September 2017 $0.8445 -2.01%
30 June 2017 $0.9798 1.16%
31 March 2017 $0.9686 -3.78
31 December 2016 $1.01 7.14%
30 September 2016 (CUM) $0.9396 -5.53%
30 June 2016 (CUM) $1.0501 11.82%
30 June 2016 (EX) $0.9946 11.82%
30 March 2016 $0.9391 -5.19%
31 December 2015 $0.9906 -0.94%
Issue (November 2015) $1.00
Period To Distribution Amount (cents per unit) Reinvestment price ($) Distribution Component Information
31 March 2018 24.52 CPU N/A
30 December 2017 3.10 CPU N/A
30 June 2017 12.0004 CPU inc 0.2029 CPU FITO N/A
30 June 2016 5.5558 CPU N/A

Fund Facts

Asset Class: Private Debt

APIR: SPI0001AU

ASRN: Not yet available

PDS Date: Information Memorandum 9 November 2015

Suggested investment period: 7 years

Income Distribution: Annual as at 30 June

Redemptions: Not available

Wrap Access: Nil

Applications: closed to new investment

Investment Partner: Bridge Investment Group

Two ways to invest

  1. Through a financial adviser

    Contact your financial adviser to consider which fund is best suited to your objectives, financial situation and needs.

  2. Direct through Spire Capital

    To invest, please read and consider the Product Disclosure Statement (PDS) and then simply fill out the Application Form at the back of the PDS and send it with your application funds to the address detailed on the application form.

    The Product Disclosure Statement and application form are available as downloads above or can be found on our PDS’ and Forms page. Hard copies can be obtained by contacting us on (02) 9377 0755