(16 November 2004 – Australia) ING Private Equity Access Ltd (ING PEAL) has raised A$42.9 million for its initial public offering and is due to list on the ASX at the end of November.ING PEAL said the fund was the first of its kind in that it allowed small investors to participate in the maturing private equity market.
ING PEAL chairman Geoff Brunsdon said more than 3000 Australian and New Zealand retail investors would be able to invest in a program that provided access to a portfolio of funds which were currently only available to “sophisticated” investors.
The fund will be traded as an innovative stapled security which consists of two shares and one option.
ING PEAL managing director Jon Schahinger said listing a private equity was a new type of investment for retail investors and required a higher level of shareholder understanding.
“Our investors should be well rewarded – this is a very positive environment to be commencing our private equity commitments as a number of well established managers have recently returned to the market to raise new funds,” he said.