New evergreen private equity fund hits Australian market

Local private markets player, Roc Partners, has unveiled its latest addition to its suite of ‘open-ended’ funds, an evergreen private equity fund seeking to provide untapped opportunities to wholesale investors.

In an ‘Australian-first’ according to the manager, the Roc Summit Private Equity Fund offers high-net-worth (HNW) investors access to the “same quality investments” typically offered and usually only available to large and “sophisticated” institutional investors, with the convenience of an open-ended product.

Leveraging over 25 years of Roc Partners’ experience and expertise in Australian private equity, the fund provides exposure to a diversified portfolio of Australian and New Zealand private companies, intending to build its reach to over 100, and aims to return 12 to 15 per cent per annum.

A statement from the fund manager said the fund will accommodate primary and secondary fund investments, as well as direct opportunities such as co-investments.

“Roc Partners’ extensive experience and long-standing track record in Australian and New Zealand private equity markets has provided the foundation for launching Australia’s most diversified evergreen private equity fund,” Michael Lukin, Roc Partners Group Managing Partner, said.

“We’re excited to bring this opportunity to wholesale investors, offering them a rare opportunity to access a highly curated and well-balanced portfolio of private equity investments.

“Roc Summit allows investors to access private equity opportunities once reserved for institutional giants.

“We’re seeing a notable increase in high-net worth investors seeking new ways to grow and diversify their portfolios, and accessible, investor friendly, products like Roc Summit are harnessing the wealth-building opportunities presented by private equity.”

The fund’s launch also comes as research into HNW investors in Australia continues to highlight an exponential growth in this cohort in recent years. According to Capgemini’s World Wealth Report 2024 there was a 7.4 per cent rise in 2023, while the Australian Investment Council’s Private Capital Yearbook for 2024 found institutional investors’ share of private equity had fallen from 47 per cent in 2019 to 20 per cent in 2023, while family offices now account for 36 per cent (up from seven per cent).