Past Opportunities

Banner Asset Management - Eynesbury Fund

Partners Private was pleased to present the Banner Wholesale Property Income Fund (426 Green Hill Rd Eynesbury VIC) investment opportunity.  This was an opportunity to invest into the first registered mortgage over the property located at 426 Green Hill Rd Eynesbury, VIC.  The investment was structured as a ‘sub-scheme’ of the Banner Wholesale Property Income Fund.  

Banner Asset Management was raising $24 million to participate in a land subdivision development. The investment was a first mortgage loan facility to fund the refinance of a development site and subdivision of 184 residential lots over 3 stages (being the initial 3 stages of a 10-stage development).

The Fund was a closed-ended investment structure which comprised a number of ‘sub-schemes’ of the Banner Wholesale Property Income Fund.  

Banner Asset Management - Revolving Land Facility

This investment provided an opportunity to invest in a first mortgage revolving land facility to assist with acquisition of development sites for the well-known Melbourne based developer, Bensons Property Group.

The facility is a first mortgage secured loan over the property. It has a general security deed over the SPV of the land holding entity, corporate guarantee from the SPV of the land holding entity, and a personal guarantee from the director. With a loan-to-value ratio of 50%, and payment on a monthly basis to investors of 30-day BBSW plus a margin of 6.5% p.a.

Dexus Real Estate Partnership 1 Fund

The Partners Private Dexus Real Estate Partnership 1 (Fund) has been established as a feeder fund to access the Dexus Real Estate Partnership 1 (Dexus Fund), a closed-end opportunistic pooled investment vehicle, the first in a planned series of opportunity funds. The fund sought to provide investors with an enhanced return via exposure to investments in property repositioning, development, special situation opportunities and alternative credit. The Dexus Fund represents an exclusive opportunity for non-institutional investors to access a concentrated exposure to this strategy, which Dexus has not previously made available to external investors.

Disclaimer: This website in its entirety is provided by Partners Private Pty Ltd ACN 134 627 375 AFSL Authorised representative number 001289072 and SILC Portfolio Solutions Pty Ltd ACN 616 916 593 AFSL Authorised representative number 1252859 (Investment Managers) directly to wholesale clients and is strictly for information and discussion purposes only. 

Dexus Wholesale Airports Access Fund

Partners Private was pleased to present the Wholesale Airports Access Fund.

The opportunity was to acquire shares in the Australia Pacific Airports Corporation (APAC), which is the holding company of the Melbourne Airport and the Launceston Airport. Melbourne Airport is a premier infrastructure asset that ranks amongst the best in Australia.

The target return in the underlying Fund is 8.5-9.5% p.a. Historical returns indicate strong performance, with 19.2% p.a. return in the 7-year period leading up to COVID-19, and 10.2% p.a. in the 7-year period through the COVID-19 years.

Pacific East Coast Management Rights Debt Fund

The offer was one of a Management Rights Debt Fund, one of Australia's largest and most successful private residential management rights businesses, Tessa, who have a proven record of success over 21 assets.

The Pacific East Coast Management Rights Debt Fund is targeting 10.25% p.a yield, distributed every month. In addition to this, 22.5% of any uplift of the total value of the Management Rights assets during the Fund term, which when combined has the potential to generate returns to the investor in the order of 14-17% p.a.

Korea Infrastructure Partners Fund

Invest Unlisted is the manager of Korea Infrastructure Partners (KIP), which has identified Korean infrastructure opportunities for the purchase, development and expansion of food waste, industrial waste and onshore wind generation.

In recent years the Korean government has begun enforcing higher standards of waste recycling and renewable energy generation, however there is a shortage of infrastructure able to facilitate these activities. KIP has been formed to address this opportunity and builds on the prior experience of ex-Hastings Infrastructure executives Jonathan van Rooyen and Sean Kim who were both involved with building the Hasting's Korean Infrastructure team.

The raise will be used for acquisition of a large operating industrial waste recycling asset operating under permitted capacity with additional plant expansion options. The fund invests into a Korean entity that invests directly into Korean assets. It will have a focus on capital gain by exploiting uplift in operating assets by a minimum 2.5x and permit assets by around 5x. The total return target for the fund is 20%+ p.a. over 4-6 years.

Kilara Natural Capital Fund

This investment provided an opportunity to invest in producing and developing kiwifruit in New Zealand, where the market structure is very attractive. This was an investment in partnership with the growers, where investors own a share in the land and operating business. The investment returns are derived from production and sale of ‘Sungold G3’ licenced gold kiwifruit into the Zespri single market desk.

KM Property Funds - Epping Healthcare

Partners Private was pleased to present the KM Property Funds - Epping Healthcare investment opportunity.

KM Property Funds (“KMPF”) was seeking AUD$50 million of equity for the acquisition of the Epping Private Hospital and Medical Centre (to be rebranded as Epping Day Hospital and Medical Centre). The fund seeks to maximise value through income opportunities and the property’s capital growth potential, which would include both managing existing tenants and increasing income streams. The investment is anticipated to deliver a stable annual average distribution yield of c.6.7% and an IRR of 13% p.a. over a 5-year term with possibility of a 2 year extension.

KM Property Funds - Industrial No.1 Fund

This investment provided an opportunity to purchase a good quality industrial asset in Melbourne’s core warehouse and manufacturing precinct, Dandenong South. The investment reflects core-plus risk-adjusted returns, with strong capital preservation given the quality of the building and high underlying land value.

Investors were provided with an opportunity that strategically utilised a short-term lease to capture the upside of rising commercial rents. Industrial assets have seen tremendous growth, as market rents for warehouses in Australia have seen significant increases in the past 24-months. Melbourne rents on average are up 23.4% year-on-year, and the market is experiencing sub 1% vacancy rates for the first time in history.

KM Property Funds - Thynne Street Property Fund

Clients had first access to invest in an A-Grade commercial office building valued at $9.3 million, located in Bruce, Canberra. This is an attractive asset due to the tenant being the Australia Institute of Health and Welfare (AIHW), a statutory agency of the Commonwealth Government of Australia, while also promoting an expected distribution yield of 7.1% and a lease agreement exceeding 9 years. 

Vantage Private Equity - Growth Fund 5 (VPEG 5)

This was the second Vantage Fund that Partners Private has participated in, and the fifth by Vantage. Supported by Michael Tobin and their vastly experienced Investment Committee, Vantage only invests in funds whose managers have delivered top tier performance. VPEG5 is targeting 20% IRR to investors over a four to six year time frame, with a lock-up minimum of four years, and a minimum investment of $100,000. 

AVARI Mamre Road Mortgage Fund

The investment was a first mortgage, senior secured debt facility, secured over the land at 885-899 Mamre Road, in the Western Sydney area of Kemps Creek. The area is fast becoming an industrial hub, with the construction of the new Badgery’s Creek Airport due for completion in 2025-2026.

The loan will be used to settle the asset purchase and work on development approval and has a current loan-to-value ratio of 57%, with an independent valuation recently complete at $42m. There is significant credit support underpinning the loan facility, with four months interest paid upfront, a personal guarantee, and a 60% LVR covenant.

Clifftop Lapilli Lane Mt Buninyong

Development of 12 luxury bespoke accommodation residences (1 x Ascension, 1 x Premium Sky Barrel, 10 x Clifftop villas) in regional Victoria. Award winning designs, offering seclusion and tranquility while sleeping on nature’s doorstep. Envisioned to create lasting memories whilst combining style and first-class location.

Acorn Capital Expansion Platform II (ACEP2)

This investment opportunity relates to a Private Equity early stage and growth expansion capital Fund, focusing on small cap unlisted companies that mostly exit through ASX listings. Acorn has a history of small and micro-cap equity management and expansion capital since 1998, with a history of mid 20% IRR returns over a 50-deal track record.

Acorn has a fee structure slanted towards performance incentives, which ensures priority of performance, and targets a 20% per annum return over an eight year period. Furthermore, Acorn invests through an Early Stage Venture Capital Limited Partnership for eligible investments, which are CGT, income tax free and provide a 10% tax offset to investors, under certain circumstances.

Harvest Hotels - Pub Fund 1

This investment was initially established in March 2019, with the purpose of improving the value of two pubs, through development, upgrades and refurbishment. Whilst COVID-19 caused some delays and setbacks, the group has managed to deliver significant returns to investors with an average IRR of 28.4% to date. HPF1 now holds four independently valued hotels, The Courthouse Hotel, The Railway Hotel, The Milestone Hotel and the William Farrer Hotel, which total $82.4m in value.  Fund 1 prioritises and targets regional NSW, however it is also actively seeking to diversify into regional VIC, QLD and the NT for potential investment opportunities.

Harvest Hotels - Pub Fund 2

The Harvest Pub Fund 2 by Harvest Hotels offered an attractive investment opportunity for clients. Harvest Hotels specialises in regional pubs and has a proven track record in adding value to acquired pubs through capital and operational improvements.

The Fund forecasts 9% annual cash distributions paid quarterly and a forecast IRR net of management fees of 19%. Management Fees are 1% of gross pub portfolio value, 12% of the Group’s Pub EBITDA, and an acquisition fee of 1% of pub purchase value. Performance fees also apply of 20% of the outperformance of IRR exceeding 10% after fees. Gearing is capped at 50%.

Harvest Hotels - Pub Fund 3

This investment opportunity relates to a Pub accumulation strategy, based in the suburban areas of South Australia, targeting 12 local regions of high growth within Adelaide. 

Harvest Hotels have a strong track record, having distributed 10.76% in cash to investors in FY21 in other Funds, and have generated an average weighted IRR of 28% on equity (net of fees) since inception in 2014. Harvest Pub Fund 3 is completing an initial capital raise of $50m and is forecast to return 8% annual cash distributions (paid quarterly) and capital growth, with a forecast Fund equity IRR of 17% net of management fees. 

Lucent Capital Stewart Street Unit Trust

Funding opportunity for a 4-5 level development at 269 Stewart St Brunswick East. Lucent were looking for $2,721,000 to fund a component of land settlement, permitting, sales commissions and marketing costs. Our clients can expect a minimum return of 15.00% p.a. (but up to 17.61% p.a. if profit meets target) over a 31 month timeframe (March 2021 maturity date).