Fund Product Updates
/New Fund Updates
Mike Fitzpatrick launches wholesale fund for unlisted infrastructure
Mike Fitzpatrick, the founder of Hastings Funds Management, is launching the TRUE Infrastructure Fund to invest in funds from ATLAS Infrastructure and the Infrastructure Capital Group (ICG) where Fitzpatrick is a shareholder and director.
The fund is looking to achieve an annual post-fee return of eight per cent and over with four per cent gross dividend yield. Investments will start in 11 underlying investments in four sectors: renewables, utilities, energy and transport. Minimum investment is $50,000 and $10,000 for subsequent investments.
The fund will be offered via a new boutique, TRUE Infrastructure Management. Goldman Sachs JBWere head of infrastructure and utilities, Peter McGregor, is the new chief executive, with Miriam Patterson, Charter Hall fund manager, as a non-executive director.
Existing Fund Updates
Pengana closes income-centred fund
Pengana Capital is to wind up the Pengana Australian Equities Income Fund, an income-focused Australian equities fund, due to underperformance. The fund was launched in 2017.
