Fund Status Update
Credit Suisse Global Private Equity Fund is closed to new investments. The Underlying Fund went into formal wind-up on 15 September 2019.
As previously communicated to Fund investors, the Underlying Fund (managed by aPriori Capital Partners (aPriori)) went into formal wind-up on 15 September 2019 meaning that from this date aPriori would no longer be seeking new investment opportunities and would focus on liquidating the remaining assets at a meaningful price.
In their August 2023 communication, aPriori advised that there were two remaining investments in the Underlying Fund - a minority interest in Laramie Energy and an escrow related to Healthmarkets (Healthmarkets was sold some years ago).
We have received an update from aPriori advising of the successful sale of the interest in Laramie together with a write down of the escrow at zero.
This has now enabled aPriori to undertake an Underlying Fund distribution, which we are pleased to pass through to you, on or around 24 April 2024.
aPriori have further advised that they intend this to be the final distribution from the Underlying Fund, which is net of reserves to cover third-party expenses for 2023 (principally audit, tax and fund administration expenses) as well as anticipated final third-party closing expenses. To the extent aPriori have over-reserved for these expenses, a further supplementary distribution will be made by aPriori as soon as possible in 2024.
We are now awaiting both the receipt of the final Underlying Fund audited accounts and final distribution notice from aPriori to enable the commencement of formal Fund termination.
Fund Performance
For the latest available Fund performance figures, please refer to the Fund update issued by Credit Suisse available on their website.
We thank you for your ongoing patience throughout the Underlying Fund’s wind up process. If you have any questions regarding the Fund or this process, please contact your financial adviser or call our Investor Services team on 13 51 53 or +61 2 9994 7000 from outside Australia during Sydney business hours.
Fund Overview
The Credit Suisse Global Private Equity Fund is closed to new investments.
The Credit Suisse Global Private Equity Fund (Fund) was established in 2006 and is a closed end management investment scheme that provides exposure to global private equity investments.
Fidante Partners Services Limited (Fidante) became Responsible Entity of the Fund in 2010 when Challenger Group acquired the Credit Suisse Investments (Australia) Limited responsible entity business. Credit Suisse Investment Services (Australia) Limited (“Credit Suisse”) continues to act as the Fund’s investment manager.
The Fund gains exposure to illiquid global private equity investments by investing in a Canadian limited partnership (DLJ Merchant Banking Partners IV (Pacific), L.P) (Underlying Fund). The Underlying Fund is managed by aPriori Capital Partners (aPriori).
The Underlying Fund invests in private companies domiciled primarily in the United States and Western Europe. These private companies are typically bought using a leveraged investment in their common equity, otherwise known as a Leveraged Buyout. Other investments made by the Underlying Fund will relate to building up a private company by further acquisition, expansion capital for the business of a private company or a structured senior equity investment in a private company whereby the Underlying Fund expects to gain an attractive equity return, protected on the downside. The Underlying Fund looks to make investments across a diversified range of industries in primarily the US and Europe.
The types of investments made, may require a substantial length of time to liquidate. As a result, there is a significant risk that the Underlying Fund may not be able to realise its investment by sale or other disposition at attractive prices or will not be able to complete any exit strategy in a timely manner.
Private Equity investments can be complicated and sometimes hard to understand. It is generally considered to be a long-term, illiquid and risky asset class with some key differences to traditional asset classes. Please refer to the Frequently Asked Questions and the Product Disclosure Statement (PDS) for a more detailed explanation of the Fund and its investments.
Fund Updates
24 APR 2024: Fund Update
30 SEPT 2022 : Update of information - Change in investment manager of the Fund
22 DEC 2021: Removal of advice fees
29 OCT 2021: Fund update - Removal of management fee
08 JUN 2021: Fund update
30 OCT 2020: Fund update
14 MAR 2019: Fund update
13 DEC 2018: Fund update
6 SEPT 2018: Fund update
25 JUL 2018: Fund update
6 JUL 2018: Fund update
16 MAY 2018: Fund update
27 MAR 2018: Fund update
19 DEC 2017: Fund update
12 SEPT 2017: Update of information - Term extension
1 JUL 2017: Notice to unitholders - AMIT Regime
1 JUL 2017: Update to non-resident account holder reporting requirements
30 JUN 2017: Fund update
31 MAY 2017: Fund update
31 DEC 2016: Fund update
30 SEP 2015: Update of information - Term extension
20 NOV 2014: Update of information - Spin-off of management team of Underlying Fund
4 FEB 2013: Update of information - change to custodian
27 APR 2012: Update of information - Proposed changes to GST
01 JUL 2012: Update of information - Changes in GST from 1 July 2012
22 SEPT 2011: Update of information - Change to commitment period
22 DEC 2011: Update of information - Change in investment manager of the Fund
07 MAR 2011: Update of the Taxation of Financial Arrangement (TOFA)