Janus Henderson Affiliate Launches Alternative Growth Tender Offer Fund
Privacore Capital, an investment adviser with $4 billion assets under management, and global investment office Partners Capital Investment announced the launch of the Privacore PCAAM Alternative Growth Fund, or AltsGrow. AltsGrow is a tender offer fund that aims to provide institutional-quality private equity exposure suitable for a range of investors.
Privacore, an affiliate of Janus Henderson, serves as the adviser to AltsGrow and is managing distribution and fund operations, enabling Partners Capital, as the sub-adviser, to maintain their focus on portfolio management and investment selection.
AltsGrow seeks to provide investors with medium and long-term capital appreciation by investing in a diversified portfolio of private market investments including private equity, real assets, and private debt. As of the launch date, the fund’s holdings consist mostly of assets purchased on the secondary market and co-investment opportunities alongside fund managers.
According to the companies, their collaboration aims to bridge the gap between high-quality private market opportunities and the growing demand from investors for alternative exposure. The tender offer structure provides continuous investment opportunities without the constraints of traditional closed-end private fund cycles, allowing for more flexible capital deployment and portfolio management.
“This new fund represents a natural extension of our work as an outsourced investment office,” said Arjun Raghavan, chief executive officer of Partners Capital. “Over the years, we have identified areas of distinctive access where we have excess capacity and are now looking to deliver those opportunities efficiently to investors beyond our traditional client base.”
“These areas of excess capacity include private equity co-investments and secondaries where Partners Capital has invested in dedicated teams and has been investing on behalf of their existing clients for several years,” added Raghavan.
Each prospective investor in the fund will not be required to certify that he or she is an accredited investor within the meaning of Rule 501 under the Securities Act of 1933, as amended.
The fund’s net asset value valuation frequency will be monthly, and it is offering three share classes: Class S, Class D, and Class I. The minimum initial investment for both Class S and Class D shares was recently reduced from $25,000 to $10,000. The minimum initial investment for Class I shares is $1 million.
The tender offer fund may offer quarterly repurchases of “no more than 5%” of the fund’s net assets.
The maximum sales charge imposed on purchases (as a percentage of the offering price) is 3.5%, 1.5%, and 0% for Class S, Class D and Class I, respectively. The maximum early repurchase fee (as a percentage of the repurchased amount) is 2% across share classes. The fund’s management fee, as a percent of net assets at month’s end is 1.5%.
The adviser intends to enter into an expense limitation agreement with the fund, where it will agree to waive fees that it would otherwise be paid, and/or to assume expenses of the fund (a “Waiver”), if required to ensure the total annual expenses do not exceed 1.6%, 1%, and 0.75% of the average daily net assets of Class S, Class D, and Class I shares, respectively, in a relevant period.
The distributor will be Janus Henderson Distributors US LLC; fund counsel will be provided by Faegre Drinker Biddle & Reath LLP; and fund administration will be provided by UMB Fund Services Inc.
“The alternatives asset class is projected to exceed $30 trillion in assets under management by 2030. The industry is adapting – offering better liquidity, transparency, and operational simplicity,” said Brendan Boyle, CEO of Privacore Capital. “As an open-architecture solutions provider and distributor, Privacore is at the forefront of that trend.
“AltsGrow serves as a foundational product for investors looking to build out their alternatives portfolios, and our collaboration with Partners Capital is designed to offer institutional-caliber opportunities to investors in a structure that aligns with their needs,” added Boyle.
Privacore Capital is an open-architecture provider, partner, manager, and distributor for alternative investment products tailored to the private wealth market. Last month, the company filed initial registration for a new interval fund focused on asset-backed credit opportunities.
Founded in 2001, Partners Capital has more than $60 billion in assets under management as of year-end 2024, and constructs investment portfolios for its clients tapping into its deep network of partnerships.
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