Spire Global Private Markets Portfolio

Portfolio, 30 September 2026

Private equity is the largest allocation. Private infrastructure has risen as the portfolio adds heavy assets with low obsolescence risk, within the 15 to 20% range set under Spire's HALO view, and private credit is held mainly through a senior, mid-market direct lending strategy.

Geographic allocation

Asia and rest of world 1%. Figures are rounded. Allocations include planned investments. Monthly report, 30 September 2026.

04 · Liquidity

Liquidity

Applications and redemptions are processed monthly, with a cut-off on the 25th of each month. Liquidity is managed across the whole portfolio, so one underlying fund limiting its redemptions does not by itself restrict the portfolio.

Liquidity is not guaranteed. Redemptions may be limited under the fund’s constitution, including where requests exceed 5% of net asset value, and in some conditions the fund may be illiquid. The Product Disclosure Statement sets out the full terms.

Five sources of liquidity

Spire structures each investment for Australian investors, including blocker structures that remove the need for offshore tax filing and management of foreign income tax offsets.

Governance

Every investment requires the unanimous approval of a six-member Investment Committee with two independent members.

Responsible entity: Ironbark Asset Management (Fund Services) Limited. Investment manager: Spire Capital Limited.

Zenith rating DAM7517AU assigned 25 February 2026.

Key documents

Historical monthly reports are available to investors through the Spire Investor Portal.

How to invest

Through a financial adviser

Available on Macquarie Wrap, Netwealth, BT, HUB24 and Mason Stevens. Minimum AUD 20,000, or the platform minimum.

Directly with Spire

Apply through the Spire Investor Portal. Minimum AUD 20,000 initial and AUD 5,000 additional.

Disclaimer and notes

Performance is net of fees and the fees used are related to the Institutional Unit Class of the Fund. The source of performance calculations is Spire Capital. Fund inception is 20 February 2024. Past performance is not a reliable indicator of future performance.

Monthly liquidity feature: the liquidity portfolio enables the liquidity feature, subject to gating under the 5% rule.

Investment manager fee: Spire is entitled to be paid a fee of 0.62% p.a. of the NAV. Performance fee: there are no performance fees directly charged by the Fund. There may be performance fees payable at the Underlying Investments’ level.

Asset allocation, geographic allocation and largest holdings include Planned Investments as at the end of the month. Planned Investments are applications that have been made and funded, but the Portfolio is yet to receive the units.

The Fund is classified as a hedge fund in accordance with the Australian Securities and Investments Commission, Regulatory Guide 240 ‘Hedge funds: Improving disclosure’. This classification is based on the fact that the Fund currently exhibits two or more characteristics of a hedge fund, being: complexity of investment strategy or structure; use of leverage; use of derivatives; use of short selling; charges a performance fee.

This material is issued by Spire Capital Limited ABN 21 141 096 120 AFSL 344365 (‘Spire’). Ironbark Asset Management (Fund Services) Limited ABN 63 116 232 154 AFSL 298626 (‘Ironbark’) is the responsible entity for the Fund referred to in this document. The product disclosure statement (PDS) and target market determination (TMD) for the Fund is available from Ironbark Investment Solutions or by contacting Apex Group on (02) 7201 9015. This material contains general information only. It is not intended to provide you with financial product advice and does not take into account your objectives, financial situation or needs. Past performance is no indication of future performance. This publication is based on information considered to be reliable. Opinions constitute our judgement at the time of issue and are subject to change. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented in this document. Except for liability which cannot be excluded, Spire and Ironbark, and each of its directors, employees, agents and related bodies corporate, disclaim all liability in respect of any error or inaccuracy in, or omission from, this document and any person’s reliance on it.

Ironbark and its representatives believe that the information in this document is correct at the time of compilation, but no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors or omissions (including responsibility to any person due to negligence) is accepted by Ironbark. To the extent permitted by law, Ironbark, its employees, consultants, advisers, officers and representatives are not liable for any loss or damage arising as a result of reliance placed on the contents of this document. Past performance is not indicative of future performance. While any forecasts, estimates and opinions in this material are made on a reasonable basis, actual future results and operations may differ materially from the forecasts, estimates and opinions set out in this material. This communication is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. No part of this material may be reproduced or distributed in any manner without the prior written permission of Ironbark.

This information is current as at the date of this communication and provided as a guideline only, it may be subject to change. No recommendation or advice has been given as to whether any investment or strategy may be suitable for you.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (DAM7517AU, assigned 25 February 2026) referred to in this piece 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, including target markets of financial products, where applicable, 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 Fund Research Regulatory Guidelines.