BLUE SKY RAISES $20M IN RIGHTS ISSUE

BLUE SKY RAISES $20M IN RIGHTS ISSUE

BLUE Sky Alternatives Access Fund Limited (ASX:BAF) is set to explore new investment opportunities after raising $20 million in a one for three rights issue.

The capital will be used to build on the listed investment company's (LIC) managed portfolio of alternatives across private equity and venture capital, water and agriculture, hedge funds and private real estate.

Blue Sky chief investment officer Alexander McNab (pictured) says alternatives enhance the risk and return characteristics of a portfolio.

"Alternative assets have the potential to enhance returns, and with the share market and property valuation looking stretched, the diversification alternative assets provides is key to reducing a portfolio's volatility and correlation to traditional markets," McNab says.

"The LIC gives investors the opportunity to invest in alternative assets through an ASX-listed structure that is more readily accessible and liquid than typical alternative assets.

"We have a strong pipeline of investment opportunities across a wide variety of alternative assets."

The new shares will be eligible to receive any dividends announced in the remainder of FY15. The board anticipates a partially franked two to three per cent per unit dividend, subject to investment performance.

Ord Minnett Limited and Morgans Corporate Limited acted as joint lead managers for the non-renounceable entitlement offer.

The capital is expected to be fully deployed in the next three months.

Blue Sky Alternatives Access Fund Limited is managed by a wholly-owned subsidiary of Blue Sky Alternative Investments Limited (ASX:BLA).

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Australian Millennial managers look to offshoring to solve global talent shortage problem
Partner Content
New research reveals that more than half of Australia’s next-gen leaders are cons...
Cloudstaff
Advertisement

Related Stories

Musk, Wozniak, tech leaders sign open letter calling for pause on “out-of-control” AI development

Musk, Wozniak, tech leaders sign open letter calling for pause on “out-of-control” AI development

An open letter signed by more than 1,000 artificial intelligen...

Zip Co pulls the plug on Central and Eastern Europe, South Africa

Zip Co pulls the plug on Central and Eastern Europe, South Africa

Zip Co (ASX: ZIP) will exit its offices in Prague and Johannesburg ...

HealthCo raising $320m to fund $1.2b acquisition of Healthscope hospitals

HealthCo raising $320m to fund $1.2b acquisition of Healthscope hospitals

HealthCo Healthcare and Wellness REIT (ASX: HCW), a property invest...

Medibank shareholders launch new class action over cyberattack

Medibank shareholders launch new class action over cyberattack

Private health insurer Medibank (ASX: MPL) has been hit with a thir...