Blue Sky launches LIC IPO
Publicly-listed alternative investments specialist Blue Sky Alternative Investments Limited has launched an Initial Public Offering (IPO) to raise up to $100 million to list what it says will be Australia's first diversified, alternatives-focused Listed Investment Company (LIC) on the Australian Securities Exchange (ASX).
Explaining the move, the company said that in contrast to most Australian LICs, which invest in listed equities and fixed interest, the Blue Sky Alternatives Access Fund LIC would have a diversified alternatives focus and would be directly managed by Blue Sky's experienced team.
It said the LIC would co-invest alongside direct investors in Blue Sky's managed funds across the company's four alternative asset classes of real assets, private equity and venture capital, private real estate and hedge funds.
Commenting on the move, Blue Sky's investment director Alexander McNab said overseas investors had long enjoyed the benefits of substantial allocations to alternative asset classes but there had been barriers for Australian investors.
"There is a growing appetite for alternatives in Australia, but access and liquidity have been problematic. Until now, these funds were only targeted at institutional investors," he said.
"The Blue Sky Alternatives Access Fund is removing these barriers and providing financial planning, private wealth, SMSF and retail investors with a simpler way to get exposure to Blue Sky's managed alternatives."
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
