GAM LSA Private Shares AU Fund

The information on this website is for general information only and made available only for wholesale and professional investors as defined by 761G of the Corporations Act 2001 (Cth) and Corporations Regulations 2001 (Cth). This information has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, prospective investors should make their own enquiries and evaluations they consider to be appropriate to determine the suitability of any investments and should seek all necessary financial, legal, tax and investment advice.

Shares/units in the funds/trusts described on this website are not available for sale in any jurisdiction in which such sale would be prohibited. The content of this website does not constitute an offer, solicitation or recommendation to subscribe for shares/units in the funds/trusts described herein and is by way of information only. It is intended solely for the use of the person who has accessed this information and may not be reproduced or distributed to any other person. Subscriptions will only be received and shares/units issued on the basis of the current Fund Prospectus/Trust Scheme Particulars.

Past performance is not indicative of future performance. All investments carry risk. The price of shares/units and the income from the funds/trusts can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested.

Whilst every effort has been made to ensure the accuracy of the financial information herein, its accuracy, reliability or completeness is not guaranteed. All opinions and estimates in this information are subject to change without notice.

The financial services are provided to Australian wholesale investors by GAM International Management Limited (GIML) and its representatives. GIML is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in respect of the financial services it provides to wholesale clients, and is not authorised to provide financial services to retail clients in Australia. GIML is regulated by the Financial Conduct Authority under the laws of the United Kingdom, which differ from Australian laws.

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GAM LSA Private Shares AU Fund is a late-stage venture capital (VC) strategy, managed by established US private markets group, Liberty Street Advisors. The fund provides access to a diversified portfolio of leading privately-owned companies that are in the final non-public funding rounds. With a focus on late stage high-growth innovation companies, the fund aims to back already-successful companies with established market share, strong management boards and proven products. Investors aim to participate in the potential appreciation of these dynamic private companies whilst they are under private ownership.

Performance

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“Over the last decade there has been a significant increase in the valuation of many of these private venture-backed companies. Investors have an opportunity to gain access to these companies while they are still private and benefit from potential future growth.”

Investment Team

The fund is managed by Liberty Street Advisors, an established US manager with experience of running a similar strategy since 2014.

Kevin Moss, Managing Director, Christian Munafo, Chief Investment Officer and Jonas Grankvist, Director are responsible for investment management, risk oversight and operational control of the fund. All portfolio investment decisions require their unanimous approval.

The investment management team works closely with a group of analysts. Transparency is encouraged at all levels, and the team is bound together by a highly collaborative, tight-knit culture, with interaction and knowledge sharing across team members.

“Pre-IPO companies are a really important and dynamic part of the market to which we believe as wide a range of investors as possible should have exposure.”

Kevin Moss

President & Portfolio Manager, Liberty Street Advisors, Inc

Christian Munafo

Chief Investment Officer, Liberty Street Advisors, Inc

Jonas Grankvist

Managing Director, Liberty Street Advisors, Inc.

Philosophy and Process

Investment Philosophy and Approach

The team believes that late-stage, private growth companies can present an attractive balance of risk and return for investors, compared to early-stage venture investments and public equities. The team seeks to exploit this opportunity using a rigorous investment process, focused on intensive due diligence of companies and stringent investments criteria. Their long-term track record in the industry enables them to make both primary and secondary investments into private companies and offer risk-adjusted returns for clients.

Investment Process

The team’s investment process focuses on the stringent due diligence of VC-backed companies, firstly monitoring an extensive universe of private technology and innovation companies across multiple sectors. Their use of proprietary databases and extensive network of relationships across the VC ecosystem enable them to identify high-performing companies, using direct and indirect origination channels to identify investment opportunities. Their in-depth due diligence focuses on qualitative and quantitative data, confidential public and private information and meetings with management, key investors and domain experts. After unanimous Investment Committee (IC) approval, investments are made to build a diversified portfolio of companies that are actively monitored and expected to generate capital appreciation through exits such as IPOs, M&A activity, secondary sales and direct listings.

Current Holdings

As of 29 September 2023

Contacts

Alex Zaika

Managing Director - Australia

+61 (2) 9135 3923

alex.zaika@gam.com

Daniel Sharp

Director - Wealth Advisory

+61 (2) 9135 3925

daniel.sharp@gam.com

Erika Kedvessy

Client Manager

+65 6019 5585

erika.kedvessy@gam.com

Disclaimer

Lonsec Rating: The rating issued 09/2023 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.

SQM Rating: The rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

FMOTY Award: For the 2023 funds/fund manager of the year awards with Financial Newswire, SQM Research has collated performance data on over 10,000 active funds. Data was collated through to 30 June 2023. The emerging funds category was based on annualised returns plus the Sharpe ratio for a combination of one year and since inception data. Emerging funds were defined as funds with a greater than one year track record but less than three years track record. For full details on the methodology please visit https://financialnewswire.com.au/fund-manager-of-the-year-awards-2023/#methodology. GAM Investments paid a license fee for the award logo.

Source: GAM unless otherwise stated. This material is confidential and is intended solely for the use of the person or persons to whom it is given or sent and may not be reproduced, copied or given, in whole or in part, to any other person. It is aimed at sophisticated, professional, eligible, institutional and/or qualified investors who have the knowledge and financial sophistication to understand and bear the risks associated with the investments described. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be solely relied on in making an investment or other decision. It is not an invitation to subscribe and is by way of information only. The views expressed herein are those of the manager at the time and are subject to change. Past performance is not indicative of future performance. Historic data may be subject to restatement from time to time. Opinions, estimates and other information in this document may be changed or withdrawn without notice. GAM is not under any obligation to update or keep current this information. To the maximum extent permitted by law, GAM makes no representation whatsoever as to the truth, accuracy, completeness, adequacy or reasonableness of any of this information, nor do any of them accept any liability whatsoever for any loss or damage of any kind arising out of the use of all or part of the information. Certain laws and regulations impose liabilities which cannot be disclaimed. This disclaimer shall in no way constitute a waiver or limitation of any rights a person may have under such laws and/or regulations.

AUSTRALIA: The information in these materials is for general information only and only for investors classified as a wholesale client under the Corporations Act 2001 (Cth) and Corporations Regulations 2001 (Cth). This information has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, prospective investors should make their own enquiries and evaluations they consider to be appropriate to determine the suitability of any investments and should seek all necessary financial, legal, tax and investment advice.

Shares/units in the funds/trusts described in these materials are not available for sale in any jurisdiction in which such sale would be prohibited. These materials do not constitute an offer, solicitation or recommendation to subscribe for shares/units in the funds/trusts described herein and is by way of information only. It is intended solely for the use of the person who has been given this information and may not be reproduced or distributed to any other person. Subscriptions will only be received and shares/units issued on the basis of the current Fund Prospectus/Trust Scheme Particulars. Past performance is not indicative of future performance. All investments carry risk. The price of shares/units and the income from the funds/trusts can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested. Whilst every effort has been made to ensure the accuracy of the financial information herein, its accuracy, reliability or completeness is not guaranteed. All opinions and estimates in this information are subject to change without notice.

The financial services are provided to Australian wholesale clients by GAM International Management Limited (GIML) and its representatives. GIML is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in respect of the financial services it provides to wholesale clients, and is not authorised to provide financial services to retail clients in Australia. GIML is regulated by the Financial Conduct Authority under the laws of the United Kingdom, which differ from Australian laws. GIML has filed a notice pursuant to ASIC Class Order CO 03/1099 and is exempt from registration in Australia in respect of the financial services it provides to wholesale clients in Australia.

Within the UK, this material has been issued and approved by GAM London Ltd, 8 Finsbury Circus, London EC2M 7GB, authorised and regulated by the Financial Conduct Authority.