ING releases private equity fund
ING Investment Managementhas made a pooled private equity fund available to sophisticated investors, a product until now reserved for institutional clients.
The new fund, ING Private Equity Access Fund 2, will offer sophisticated investors - those with a minimum commitment of $50,000 - a fund of fund list of about 12 funds investing in between 100 and 120 companies.
“The funds will offer exposure to some early stage, but mainly later stage private equity funds. The funds will be distributed through a number of niche financial advisory firms, plus banking firms,” ING private equity business manager Jon Schahinger says.
Schahinger says ING chose to launch the fund after noticing an unfilled niche for unlisted private equity funds in the Australian market.
“The fund of funds for private equity investments has been the vehicle of choice overseas. We believe this will become more the case in Australia,” Schahinger says.
The fund is an unlisted, closed-end unit trust with capital and profits to be returned over the life of the fund as investments are realised. Up until now, superannuation funds and institutions have contributed more than $180 million to ING’s private equity program.
Recommended for you
AUSIEX has announced it will acquire FIIG, a specialist fixed income provider with $4.5 billion in funds under advice.
Platinum Asset Management has announced it is in discussions with a global alternatives fund manager regarding a possible merger to create an $18 billion firm.
Frontier Advisors has bolstered its Japanese footprint through a partnership with the $350 billion asset management arm of Nippon Life Insurance Company.
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
