01 · Origin
Origin of the portfolio
The Spire Private Opportunistic Portfolio builds on the opportunistic sleeve of the Spire Global Private Markets Portfolio, where opportunistic investments are capped at 20% for liquidity reasons.
With about 80% held in closed-end funds and co-investments, it can fund transactions when they arise instead of when inflows allow. It uses the same research team, Investment Committee and underwriting standard.
Steady-state targets, not launch positions. Information Memorandum, 4 September 2026.
02 · Threshold criteria
Threshold criteria
Every position must show embedded value and privileged information. Duration is managed across the portfolio, so long-dated closed-end funds can sit alongside shorter secondaries and co-investments.
01
Every position
Embedded value
A source of return present at entry, such as a discount to reported net asset value or entry at cost into a marked-up portfolio.
02
Every position
Privileged information
An informational edge such as an existing limited partnership interest, prior diligence on the same assets or the sponsor’s operating data.
03
Across the portfolio
Short duration
Most positions have a visible path to realisation, such as a mid-life fund in harvest or a single asset with an agreed exit plan. Long-dated closed-end funds can be held alongside them.
03 · Investment instruments
Five instruments and their hold periods
LP secondaries
Discount to reported NAV, then harvest of the residual portfolio
20% single fund or manager
Primaries
Entry at accrued cost plus equalisation, with current NAV received
20% single fund or manager
GP secondaries
Reference-date arbitrage, then a second hold of a known asset
10% single asset
Co-investments
Entry at sponsor cost with no or reduced fees
10% single asset
Evergreens
Discounted secondaries and warehoused assets, plus NAV growth
15% of NAV
Hold periods are indicative and vary by transaction. Limits apply at the time of investment, with flexibility below AUD 100m of fund assets. Information Memorandum, 4 September 2026.
04 · Preferred terms
Preferred terms and implementation
Spire negotiates six levers across the portfolio on behalf of all investors.
Fee holidays
Underlying management fees waived, generally for a new fund launch or where Spire provides anchor capital.
No fee, no carry
Co-investment on the sponsor’s own terms where Spire helps solve a capacity requirement.
Performance fee removal
Institutional or anchor share classes without carried interest.
Fee concessions
Reduced headline rates at institutional scale.
Entry price
A discount to reported NAV on bilateral secondaries; entry at cost on late primaries.
Cross-border structuring
Share class and jurisdiction selected for the Australian investor’s after-tax outcome.
Self-managed portfolio of closed-end funds
Spire Private Opportunistic Portfolio
Drawdowns on each sponsor’s timetable, each requiring cleared funds and a currency conversion
Capital calls
Absorbed within the fund. Monthly applications, no capital calls
Over-commitment risks missing a call; under-commitment leaves capital in cash
Pacing and vintage
Pacing, vintage spread and commitment sizing managed at portfolio level
Limited to the platform menu or existing relationships, generally at retail share class fees
Access and fees
Institutional vehicles and bilateral transactions on negotiated terms, with all Spire-related economics rebated to the fund
Largely unmanaged currency risk; structuring decisions that differ by fund
Currency and tax
A documented hedging policy and a single Australian tax position
Multiple registries, capital account statements and reporting cycles
Administration
A single unit price and statement, with monthly reporting
06 · Valuation
Fund interests, LP and GP secondaries and wrapped co-investments are held at cost, then at the most recent net asset value reported by the underlying manager. The rare direct holding is valued using market, income or cost approaches and revalued quarterly. A Valuation Committee, acting under the trustee’s delegation, approves quarterly valuations for direct investments and any alternative valuation, and any alternative valuation adopted is disclosed in investor reporting. Returns on discounted secondaries arise mainly as revaluation to NAV, so positions are underwritten to exit, not to the first mark.
Governance and service providers
Every investment is approved by the Investment Committee, which has two independent members and requires unanimity. A Portfolio Management Committee then allocates each opportunity between eligible Spire mandates on duration, fee load, portfolio fit and minimum size, with any scale-back applied pro rata.
Spire Capital
Trustee and manager, AFSL 344365
KPMG
Tax adviser and auditor
Unity Fund Services
Fund accounting
One Investment Group
Custody and registry
Rochford
Currency
07 · Fees and tax
Fees and tax
1.00%
Management fee p.a. on NAV, plus GST
Waived for all investors until September 2027.
10%
Performance fee, plus GST
Of returns above a 10% p.a. preferred return, full catch-up, subject to a high-water mark. Accrued monthly, paid annually.
0.24%
Operating costs p.a., about
Subject to fund scale. Underlying manager fees apply in addition.
The management and performance fees are the whole of Spire’s fee. The fund sits within the Spire Capital Master Fund under the AMIT regime, with annual tax statements in AUD. It is growth-oriented, so regular income distributions are not expected. The fund is AUD-denominated, with dynamic hedging via forward currency contracts within a 0%, 50% and 100% matrix, subject to liquidity.
08 · Key risks
Investment in the fund should be considered high risk.
Illiquidity
Limits on redemption
Concentration
Valuation basis of discounted secondaries
Dependence on Spire’s sourcing and selection
Single-asset co-investment outcomes
Currency movements on the unhedged exposure
Changes in tax and regulation
The Information Memorandum sets out the risks in full.
Monthly report
The first monthly report, for October 2026, will be published here.
Key documents
How to invest
Through a financial adviser. Available to wholesale clients on Netwealth.
Directly with Spire. Apply through the Spire Investor Portal. Minimum AUD 250,000.
Invest nowApplications can only be made on the form accompanying the current Information Memorandum.
[Disclaimer: POP fact sheet footnotes on target return and liquidity, plus the general Spire disclaimer, with the confidentiality legend removed.]