BLUE SKY'S IPO FOR FIRST ALTERNATIVES INVESTMENT COMPANY
Written on the 7 May 2014
BLUE Sky Alternative Investments Limited (ASX:BLA) has launched an initial public offering (IPO) of shares in a subsidiary company.
The Blue Sky Alternatives Access Fund (BASSF) will be Australia’s first diversified, alternatives-focused Listed Investment Company (LIC) on the ASX.BSAAF is seeking to raise a minimum of $50 million and up to $100 million under the IPO at an issue price of $1 per share, along with options on a one-for-one basis with an exercise price of $1 before December 16.
Investment director Alexander McNab (pictured) says the investment vehicle was a long-term strategy, creating new opportunities 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 says.“The Blue Sky Alternatives Access Fund is removing these barriers and providing financial planning, private wealth, SMSF (self-managed super funds) and retail investors with a simpler way to get exposure to Blue Sky’s managed alternatives.”
The LIC will co-invest with Blue Sky’s managed funds across real assets, private equity and venture capital, private real estate and hedge funds.A prospectus has been lodged with the Australian Securities and Investments Commission, if successful Blue Sky’s total assets under management will increase by the amount of capital gained.
Read more about Blue Sky's growth here.