LGT Crestone and StepStone to launch venture capital fund

lgt-crestone/venture-capital/

7 December 2022
| By Jasmine Siljic |
image
image
expand image

LGT Crestone has partnered with StepStone Group to provide a new open-ended venture capital offering.

The fund would connect Australian high-net-worth investors (HNWI) to a global, diversified portfolio of high-growth and unlisted companies. 

Named ‘The StepStone Private Venture and Growth Fund’, the offering would see investment flows into private organisations with an innovation-based focus. Additionally, companies benefiting from long-term trends would also be a target for investors.

Martin Randall, head of alternatives at LGT Crestone, described the offering as “one of the first funds specifically designed for private clients and smaller institutions”.

He added that the fund would provide diversified exposure to the leading fund managers and portfolio companies within the VC and growth equity landscape.

Due to value creation experiencing shifts away from public markets and toward private markets, Randall expected venture capital and growth equity to gain growing prominence in portfolios.

“Companies are staying private for longer, often making a choice not to list. Many of these companies are creating value at a much more rapid rate than public companies” he said.

The fund would enable inventors to access StepStone’s diverse range of manager relationships. 

Moreover, it would see structured liquidity of up to 2.5% of the fund’s assets quarterly, in combination with monthly subscriptions. 

Michael Chisholm, LGT Crestone chief executive, commented: “We’ve always had a clear vision: to bring world-class investment opportunities to Australian HNWI. This latest global VC opportunity is a testament to realising this vision".

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS