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The Fund's investment strategy is focused exclusively on lower to mid-market Growth Private Equity. This segment of Private Equity focuses on investments into profitable businesses with proven products and services.
These businesses typically have a strong market position and generate strong cash flows, which will allow the Fund to generate strong consistent returns to investors, while significantly reducing the risk of a loss within the portfolio.
The Fund will invest in Private Equity funds based in Australia, along with Permitted Co-investments, to create a well diversified portfolio of Private Equity investments. These investments will be made by the Fund, by making Commitments to the Private Equity funds of the best performing Private Equity fund managers, that in turn make investments into profitable companies requiring Later Expansion and Buyout capital to accelerate their growth and enhance their value.
Distributions are paid as distributions are received from underlying funds.
Vantage continued to build out the VPEG4 portfolio with approval to commit $20m to Advent Capital Partners 3 Fund continuing their successful relationship with the manager who is one of Australia's leading mid-market buyout firms. This commitment comes on top of their decision to commit another $10m in capital to the CPE 9 fund taking their total commitment to $20m. Investors in VPEG4 will now gain access to four managers and 6 portfolio companies with a number of new commitments to be made before the end of 2021.
VPEG3 investors benefited from the recent listing of Best and Less (ASX:BST) which was a $60m IPO completed in July. Best and Less Group comprising of much-loved retail brands Best & Less in Australia and Postie in New Zealand, is a leading value speciality retailer with a focus on baby and kids' apparel. Best and Less was part of an acquisition by Allegro Fund III in November 2019 of Value Retail Group. Through a combination of repositioning its product range towards the value apparel market, focussing on e-commerce business, store network expansion and ongoing cost reductions net profits have grown from $13.8m in 2019 to a forecast $40m in 2021 in spite of the challenging conditions presented by COVID related temporary store closures. Vantage expect this exit will result in another pleasing result for VPEG3 investors and continues the series of excellent exits achieved for VPEG investors in the June quarter.