01 · Overview
Fund overview
The fund is a unit class of the Spire Capital Master Fund and a feeder into Branford Castle Partners Fund II, L.P., managed by Branford Castle Partners, L.P. (Branford). It invests in US private equity.
Branford Fund II takes controlling interests in privately held small-cap businesses, primarily in North America, continuing a strategy Branford's professionals have followed for more than three decades: buying small-cap businesses at reasonable prices and adding value during ownership.
02 · Facts
Fund facts
- Investor type
- Wholesale investors only
- Status
- Closed to new investment
- Structure
- Closed-end unit class of the Spire Capital Master Fund, no redemptions
- APIR
- SPI0659AU
- Trustee and fund manager
- Spire Capital Limited
- Investment manager
- Branford Castle Partners, L.P.
- Underlying fund
- Branford Castle Partners Fund II, L.P.
- Asset class
- Global private equity
- Sub-class
- Small-cap buyout
- Vintage year
- 2020
- Unit pricing from
- 26 November 2021
- Currency
- AUD, unhedged
- Distributions
- Annually as at 30 June
03 · Performance
Performance
Unit price
AUD 1.3155
As at 30 September 2026
Since inception
11.22%
Net IRR p.a.1
Net return by period to 30 September 2026
| Period | Net return |
|---|---|
| 1 month | 3.06% |
| 3 months | 6.41% |
| 6 months | 0.35% |
| 1 year | 0.59% |
| Since inception1 | 11.22% |
| Total FX impact since inception | 1.61% |
1Net returns. Unit pricing based on net asset value commenced on 26 November 2021, after the capital raising closed. Since-inception performance is the internal rate of return (IRR) from that date, which has replaced the time-weighted return since 30 June 2023. Each investor's return is calculated from their own application date and may differ. As at 30 September 2026.
04 · Distributions
Distribution history
Cash distribution per unit by period (cents)
| Period | Cash (CPU) | FITOs (CPU) | Components |
|---|---|---|---|
| 31 December 2025 | 5.0351 | Nil | Not published |
| 30 June 2025 | 1.4983 | 1.7574 | Components notice (PDF) |
| 31 August 2024 | 26.4397 | Nil | Not published |
| 30 June 2024 | 5.5695 | Nil | Components notice (PDF) |
| 30 June 2023 | 2.4926 | Nil | Components notice (PDF) |
| 30 June 2022 | Nil | 0.8416 | Not published |
CPU: cents per unit. FITOs: foreign income tax offsets. Distribution records as at 27 October 2026.
05 · Documents
Documents and forms
Monthly reports and manager updates are issued to investors through the Spire Investor Portal.
The fund is closed to new investment. Existing investors can transfer units off market using the transfer form, and update their details with the forms listed. Enquiries to info@spirecapital.com.au.
Investor login[Disclaimer: existing Investment Solutions wholesale wording, unchanged, subject to compliance review.] Past performance is not a reliable indicator of future performance.