.png?width=3919&height=625&name=Untitled%20design%20(23).png "August Investment Spotlight")
Equity Spotlight: Roc Summit Private Equity Fund
The Opportunity
The Roc Summit Private Equity Fund gives wholesale investors access to a diversified portfolio of Australian and New Zealand private equity through a single fund. The Fund is managed by Roc Partners, a private markets specialist with more than 25 years of history, around $9.2bn in funds under management, and roots in Macquarie's former private markets division. It invests across every stage of a company's lifecycle (venture, growth, buyout and turnaround) and through every private equity route: secondaries, co-investments, primary fund commitments and opportunistic deals. The thesis rests on Roc's long-standing relationships with leading local managers, including Quadrant, Crescent, Anchorage, Mercury and Next Capital. Those relationships give it access to deal flow and secondary opportunities that are typically out of reach for individual investors.
The Portfolio
Twelve months after launching on 1 July 2025, the Fund holds $60.2m in net assets across 88 active investments and 10 GP partnerships. The portfolio is weighted towards secondaries and buyouts. Technology, industrials, healthcare and consumer are the largest sector exposures. The top 10 holdings make up 40% of gross assets. The largest are GBST (wealth management registries, 7.9%), Airwallex (global payments, 6.2%), Timezone (family entertainment, 5.4%) and Rokt (AI-powered e-commerce adtech, 5.3%). Recent co-investments include efex, AWCON, Aidoc and Q-CTRL, and six further ANZ deals are in the pipeline for August to November 2026.
Expected Returns
The Fund returned 12.43% net of fees in its first financial year, within its 12–15% p.a. target, with nine of twelve months positive. June delivered +0.87%, driven by uplifts in RAST 2025 and Square Peg Opportunities Fund 3, and Airwallex completed a US$11 billion funding round. An annual distribution of $0.0401 per unit was paid, mostly from realised capital gains. Further near-term distributions are expected from ClearView (Zurich take-private), Imaging Associates (continuation vehicle), Amart (potential IPO) and Hall Contracting (sale process). The Fund is open to wholesale investors only, with a minimum investment of A$100,000. Fees are a 1.7% p.a. management fee plus a 10% performance fee over an 8% hurdle on secondaries, co-investments and opportunistic investments. Redemptions open after a lock-up of up to two years and are capped at 5% per quarter, so this is best treated as a long-term allocation. Past performance is not a reliable indicator of future performance.
Property Spotlight: Collective Capital Cold Store Investment Fund
The Opportunity
The Collective Capital Ballarat Cold Store Investment Fund gives wholesale investors access to a purpose-built, multi-temperature cold storage and food processing facility at 13 Nettles Road, Mitchell Park, Ballarat. Collective Capital has secured the property off market for $21.25m. Built in 2021, the 8,604 sqm facility sits on a 27,015 sqm site within the Ballarat West Employment Zone. It is leased to Luv-a-Duck, a family-owned duck producer founded in Nhill in 1968 whose products are stocked in Aldi, Coles and Woolworths. An independent valuation of $25m puts the purchase price at a 15% discount. Replacement cost has been independently estimated at around $30.5m, meaning the Fund is buying roughly 30% below the cost to rebuild. Collective Capital points to a structurally undersupplied cold storage market, with national vacancy at 0.6%.
The Strategy
The plan is income-focused over an expected five-year term. Luv-a-Duck is both the vendor and the tenant. It will occupy the property on a 12-year triple net lease at $1.7m per annum, with fixed 3.5% annual reviews and two five-year options. The tenant pays all outgoings, land tax and capital items, and the lease is backed by a 12-month bank guarantee and a corporate guarantee for the full term. Collective Capital also intends to explore value-add options for around 8,000 sqm of adjoining surplus land, such as subdivision, expansion or sale, although none of this upside is included in the forecasts. The intended exit is a whole-asset sale at Year 5, with seven years still remaining on the lease.
Structure & Returns
The Fund is seeking to raise up to $10.11m in equity at $1.00 per unit, alongside $12.5m of interest-only debt at a 50% LVR against the valuation. The offer opened on 4 August 2026, closes on 1 December 2026 and is open to wholesale investors only. In the base case, Collective Capital forecasts a net investor IRR of 13.0% and an equity multiple of 1.72 times, both after fees. Distributions are forecast to start at 8.04% in Year 1 and average 8.43% per annum, paid quarterly. Around 84% of distributions are expected to be tax-deferred. The base case assumes a 7.50% exit cap rate. Investors' capital is returned in full at any exit cap rate up to 8.75%, before counting distributions. There are no redemptions during the initial term.
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