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A ‘PURE PLAY’ PRIVATE EQUITY SOLUTION

The Ironbark HarbourVest HGPS – Diversified Private Equity Fund (AUD) (the Fund), through its investment in the AUD-denominated share classes of the HarbourVest Global Private Solution SICAV S.A. – Diversified Private Equity Fund (the Underlying Fund), which is managed by HarbourVest Partners, seeks to build a global diversified private equity-focused portfolio in an open-ended fund that delivers capital growth over the medium to long-term through direct or indirect exposure to the equity and debt of primarily private businesses, across geographies, sectors, and stages.

Key Benefits

• Pure play private equity: Capturing the upside potential of capital gain focused private equity over the medium to long-term whilst maintaining diversification through secondary investments.
• Market leading investment capability: Strong level of deal flow to scale with client demand. HarbourVest’s ability to deploy capital to direct co-investments and secondary investments via an open architecture platform leads to potentially larger/higher quality deal flow than other open-ended evergreen funds.
• Anchor institutional investor: Significant early commitments from an institutional anchor investor provides stability. Commitment from an anchor institutional investor to make significant subscriptions to Underlying Fund in its early years (through the initial portfolio and in cash contributions) has enabled the Underlying Fund to maintain a high-quality portfolio that provides a foundational portfolio and enables early cash flow to deploy into best-in-class co-investment and secondary investment deals.
• Highly reputable and experienced manager: HarbourVest has investment track record over 40 years and has managed another evergreen product for over 15 years.

Key Risks

• Liquidity Risk – Liquidity refers to the speed and ease with which investments can be sold or liquidated or a position closed. The assets of the Underlying Fund are generally expected to be illiquid and difficult to realise and the disposal of investments of the Underlying Fund may require a lengthy period of time. Investors should be prepared to remain in the Fund for an extended period.
• Private equity and private markets investment risk – Private equity and private markets are common terms for investments that are typically made in private or public companies through privately negotiated transactions and generally involve equity-related finance intended to bring about some kind of change in an operating company. These investments involve the same types of risks associated with an investment in any operating company. For example, in some cases companies may have a limited operating history, are attempting to develop or commercialise unproven technologies or implement novel business plans or are not otherwise developed sufficiently to be self-sustaining financially or to become public.

• Valuation risk – Through its investment in the Underlying Fund, the Fund will primarily hold or otherwise participate in investments in securities and other assets that will not have readily assessable market values. In such instances, HarbourVest will determine the fair value of such securities and assets in its reasonable judgment in accordance with applicable valuation policies based on various factors and can rely on internal pricing models. Such valuations might vary from similar valuations performed by independent third parties for similar types of securities or assets. The valuation of illiquid securities and other assets is inherently subjective and subject to increased risk that the information utilised to value such assets or to create the price models could be inaccurate or subject to other error.
• Distribution risk – This is not an income-focused fund and the Fund is not expected to make any distributions. Investors should not rely on distributions from the Fund to service other obligations. It is not expected that there will be income or capital to distribute to investors in the foreseeable future.