Interest in the listed investment company space is showing no signs of abating with the Evans & Partners Global Disruption Fund raising $167 million prior to listing this month. This compares with a target of $150 million.
The issuer said that support came from investors across the spectrum – SMSF trustees and other private investors, financial advisers and institutional investors. A key element in the offer was diversification away from the typical Australian share portfolio, concentrating on international companies involved with disruptive technologies, including what are known as the “FANMAGS” (Facebook, Apple, Netflix, Microsoft, Amazon and Google).
David Evans, executive chairman of the Evans Dixon Group, said it was a very successful IPO. “We are very pleased that the raising has been so widely embraced by investors. The strong response we have received demonstrates the confidence that investors have in our strategy. In a world where disruptive technology plays an increasingly prominent role, our strategy provides investors with exposure to some of the world’s most exciting innovators,” he said.
The fund listed on the ASX on August 1, at an issue price of $1.60 a unit. At the close of business last Friday (August 11) it was trading at $1.70.
The fund invests in major global companies that have a proven ability to disrupt and continue to disrupt existing markets and businesses. It will also look at a selection of smaller positions in potential disruptors.
The high-powered investment committee for the fund includes some of the most experienced and best-known business people and investors in their fields, who are investing alongside new investors in this strategy.
They are: David Evans; David Thodey (former chief executive of Telstra and the chair of the CSIRO); Richard Goyder (managing director of Wesfarmers); Paul Basset (co-founder of Seek Ltd and Square Peg capital); Sally Herman (director of Suncorp Group); and, Jeffrey Cole (research professor and director of the Center for Digital Future at USC Annenberg).
The responsible entity for the fund is Walsh & Co, a member of the Evans Dixon Group.