Sydney fund manager VGI Partners has shut the books on a cornerstone offer for its proposed Asian investment fund, having hit the $200 million ceiling.
The manager wrote to clients on Thursday afternoon to formally close the $200 million cornerstone offer, and told them more stock would be available via the other components of the initial public offering from next week.
VGI Partners is seeking to raise as much as $1 billion for VGI Partners Asian Investments Ltd (VG8), which is a new fund that will be listed on the ASX-boards and invest in Asian listed companies.
The cornerstone offer launched on Sunday and was targeted at the firm’s 300-odd high net worth clients.
A big part of VGI’s pitch is that it is proposing to pay all offer costs and is issuing “alignment shares” in the manager to all VG8 investors.
VGI is expected to lodge a prospectus with the corporate regulator next week. Street Talk first reported the new fund and targeted $1 billion raising on August 4.
VGI’s team is expected to target stocks in countries with robust and reliable legal systems for VG8 – including the likes of Japan, South Korea, Singapore, Hong Kong, Taiwan and Australia, at least initially, with no intention to invest in India, mainland China, Thailand or the Philippines.
It comes soon after VGI Partners, the manager, listed on the Australian Securities Exchange at $5.50 a share. The stock last traded at $13.10.
by Sarah Thompson and Anthony Macdonald.
