01 · Solution set
Private markets solution set
Spire’s solutions sit along a continuum of return, complexity and illiquidity. Each step accepts less liquidity in exchange for a higher target return.
Spire Global Private Markets Portfolio
10 to 13%
Target net p.a. Multi-asset, multi-manager. Monthly liquidity. Retail and wholesale investors.
Spire Private Opportunistic Portfolio
14 to 18%
Target net p.a. Secondaries, co-investments and evergreens. Annual liquidity. Wholesale investors only.
Spire Investment Solutions
20%+
Target net p.a. Single funds and co-investments on seven-year closed-end terms. Wholesale investors only.
Complexity and illiquidity →
Customised Solutions can be built at any point on this continuum, to a client’s own return, risk and liquidity target.
Customised SolutionsShared across every solution
All Spire solutions draw on the same global relative value view (for asset allocation), Investment Committee and diligence standard. Research uses the Manager Assessment Model, the Portfolio Assessment Model, and GARI (proprietary AI research platform). Structuring, term negotiation, valuation governance and the operations platform are common to all of them.
Set by each solution
Each solution sets its own return, risk and liquidity target, along with the permitted instruments, concentration limits and pace of deployment. In Customised Solutions the client also decides how much approval to retain.
Target returns are objectives over rolling seven-year periods. They are not forecasts and are not guaranteed.
02 · Comparison
Two portfolios compared
Both portfolios draw on the same research team, Investment Committee and manager relationships. They differ in who can invest, how much is held in illiquid assets and how often investors can redeem.
10 to 13%
Target net p.a.
14 to 18%
About 20%
Held in illiquid assets
About 80%
AUD 20,000
Minimum
AUD 250,000
Monthly
Applications
Monthly, with no capital calls
Monthly, subject to fund liquidity
Redemptions
One annual date, up to 15% of NAV, not guaranteed
Registered managed investment scheme. Responsible entity: Ironbark Asset Management (Fund Services) Limited
Structure
Wholesale series of the Spire Capital Master Fund.
Trustee: Spire Capital Limited
Macquarie Wrap, Netwealth, BT, HUB24, Mason Stevens
Platforms
Netwealth
View the portfolio Wholesale investors only. A declaration applies.
03 · How Spire invests
Research and investment process
Investments for all Spire solutions follow the same process of eight phases in three stages, with three formal review gates.
Macro and portfolio setting
Origination to execution
Stewardship
Relative value formation
A quarterly view across the four asset classes, adopted by the Investment Committee.
Portfolio plan and pacing
Target allocation, position limits and deployment pacing for each portfolio.
Origination
Seven sourcing channels, directed by thematic research.
Screening
Mandate fit, net return threshold, instrument eligibility and manager quality.
Due diligence
Investment, legal, tax, commercial and operational workstreams.
Approval
An Investment Paper tabled to the Investment Committee. Unanimous approval required.
Execution
Structuring, term negotiation, legal execution, funding and settlement.
Monitoring
Portfolio steering, valuation review, and liquidity and currency management.
The Investment Committee approves all investments across Spire’s mandates. It has six members, including two independents, Peeyush Gupta AM (Chair) and Dr Richard Gregson, and approval must be unanimous, so either independent member can stop a transaction. Each opportunity is underwritten once and then allocated between eligible mandates under Spire’s Allocation Policy, with any scale-back applied pro rata.
The team’s research is supported by GARI, Spire’s proprietary AI research tool, which screens managers and vehicles and extracts and compares terms across the universe Spire covers, alongside PitchBook market data and Spire’s Manager and Portfolio Assessment Models.
Research and investment process
04 · Using both portfolios
Advice firms can hold the Spire Global Private Markets Portfolio across their client base as the private markets allocation alongside a public markets portfolio, and use the Spire Private Opportunistic Portfolio for wholesale clients able to accept annual liquidity for a higher target return.
How to invest
Through a financial adviser
The Spire Global Private Markets Portfolio is available on Macquarie Wrap, Netwealth, BT, HUB24 and Mason Stevens. The Spire Private Opportunistic Portfolio is available to wholesale clients on Netwealth. A financial adviser can help you consider whether either portfolio suits your circumstances.
This page contains general information only and does not take into account any person’s objectives, financial situation or needs. Target returns are objectives, not forecasts, and are not guaranteed. Past performance is not a reliable indicator of future performance. Read the relevant Product Disclosure Statement, Target Market Determination or Information Memorandum before making an investment decision. Full disclaimer