Perennial expands wholesale offer for pre-IPOs

Perennial Partners is launching a new strategy for wholesale investors to capitalise on global pre-IPO opportunities, requiring a minimum investment of $100,000.

The Perennial Marquee Fund, structured as an open-end investment, provides wholesale investors with an actively managed global portfolio of 20 to 30 private companies, targeting a 15%+ p.a. return over a full cycle, before fees.

The fund will incur a management fee of 2% per annum on net asset value, as well as a performance fee of 20% of the fund's return above the hurdle - which is 6.5% p.a. net, with high water mark, the firm said.

The fund has opened for applications from wholesale investors, targeting $200 million in the first close scheduled on 11 December 2026. It will also have a two-year lock-up period since the first close.

Redemption will occur every quarter, up to 5% of units on issue.

Perennial said the launch is to provide access to a professionally managed, direct-access, diversified pre-IPO fund focused on high-growth US and global companies for family offices and high-net-worth investors where traditionally, there had been a limited supply.

"The fund will invest in late-stage private companies close to a liquidity event, targeting the current strong IPO window in the US and globally," it said.

"Perennial has built proprietary networks with US, Asia Pacific and global counterparties - this provides direct deal access, co-investments, and private broker desks for two-way liquidity."

The launch in the back of the recent acquisition of 4D Infrastructure last month. Simultaneously, the firm has announced that it is winding up three responsible investment funds that fell short of reaching scale and achieving their investment objectives.

The Perennial Better Future Trust, Perennial Better Future Active ETF (IMPQ) and Melior Australian Impact Fund will undergo an orderly wind-up, with assets to be divested and capital returned to investors.