Regal chases $1 billion for new private fund: Bloomberg
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The news: Phil King is sounding out investors as he looks to expand his Sydney hedge fund with the launch of its Regal Partners Private Fund, according to Bloomberg.
The numbers: Regal is looking for $1 billion for the new Cayman Islands-domiciled vehicle. As a feeder fund it is being marketed as a "tax effective way" for institutional investors and family offices to invest in Regal's multi-strategy, King said.
That fund has returned 19% since it launched in December investing in resources, private credit, unlisted and pre-IPO investments among others.
Today Regal manages $17 billion.
The context: It marks the latest expansion for the fast-growing Australian fund manager which has made several big acquisitions, including alternative investment specialist Merricks Capital and PM Capital.
As Regal swells private markets are also increasingly becoming a larger focus, with CEO Brendan O'Connor suggesting to Bloomberg that real estate, infrastructure, venture capital and other alternatives are all on its radar going forward.
What they said: “I think we could be a lot bigger in credit over the years ahead as well,” O'Connor said.
The source: Bloomberg
