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NOW Closed – Now closed to investment.

Fund facts

Investor Type
Wholesale investors only
Asset Class
Global Private Equities
IM Date
November 4, 2019
Suggested Investment Period
5-7 years
Annually as at 30 June
N/A - The Fund is closed ended
Closed to new investment
Wrap Access
Investment Partner


Spire Capital has a long history of identifying and accessing high quality investment opportunities on behalf of Australian investors. As local investors continue to seek diversification and strong risk-adjusted returns, Spire Capital is committed to expanding reach into other alternative asset classes and high quality investment managers. This includes private equity where the manager, strategy and portfolio company combine a strong investment thesis with value creation at the asset level. In identifying private equity opportunities, Spire Capital focuses on high quality management teams, recession resilience and a visible path to continued earnings growth. The investment approach spans fund investments, portfolio assets and single-asset co-investments alongside leading private equity firms.


The Spire Aero Aggregates Fund AUD (‘Fund’) will provide Australian investors with access to Aero Aggregates of North America, LLC (“Aero”). The Fund will invest alongside and pari passu with Valterra Partners (“Valterra), a specialist lower mid-market private equity firm based in New York. Aero will be accessed via an underlying investment entity (Valterra Aero Holdings LLC) created and controlled by Valterra Partners LLC (‘Valterra’).

Aero is a manufacturer of lightweight foamed glass aggregate (“FGA”), a product that contains the same shear strength as traditional gravel, but is ~10% of the weight. With a 25-year track record in Europe, Aero introduced FGA into the USA market in 2016 and has quickly gained traction in infrastructure construction end -markets (primarily roadbuilding) through its proven ability to dramatically reduce costs and provide other project benefits due to its lightweight properties.

Aero produces FGA in the USA utilizing the leading European kiln technology under an exclusive USA license, and has quickly gained the approval for use by numerous state departments of transportation (“DOTs”), and by the Federal Highway Administration. As such, Aero boasts an enviable track record with the product being utilized across a range of use cases, and in major infrastructure projects such as the I-95, Maine Turnpike, Philadelphia International Airport.

Aero generates costs savings for contractors and governments that have been shown to run into the millions of dollars, with consistent quality of performance. This is due to the lightweight quality of FGA allowing changes in project engineering, lower transportation costs and reduced project timelines that save significant cost to the end client.

FGA is made using the ~90% of “recycled” glass that is deemed uneconomic and destined for landfill. The glass is combined with a foaming agent and placed through a specialized kiln where the chemical reaction produces aggregate-sized particles. FGA thus provides an alternate use for a waste stream currently costing municipalities and waste contractors millions of dollars. In providing an alternate use for a waste stream, Aero secures its key feedstock at minimal cost, allowing for very strong gross margins.

How the Fund Invests

The Fund (via a holdings trust) will acquire shares in Valterra Aero Holdings as an access vehicle for Aero Aggregates of North America LLC. The anticipated term of the Fund is 5-7 years in line with the business plan for Aero, which is to increase EBITDA before exiting the business in 2025.

Ordinary units

Performance as 30 April 2024 Net Returns*
1 month0.68%
3 months1.23%
6 months-2.40%
1 year0.67%
Performance Since Inception **5.14%

*Past performance is not an indicator of future performance. Performance table is based on the aggregated total application amount and units issued during the capital raising period and includes Unit Price growth from commencement of NAV based unit pricing following completion of capital raising in November 2019. Unit Price and performance do not include the value of Foreign Income Tax Offsets (FITOs) which have been accrued. Individual investor performance will vary according to the Issue Price at which they were issued Units in the Fund, which in turn was based upon the AUD / USD exchange rate applicable in the month in which an investment was made. Returns stated above assume distributions are re-invested into the fund and hence may differ to actual returns for individual investors. **Performance Since Inception – Inception date (30 November 2019) occurred from the commencement of NAV based unit pricing, following the completion of capital raising in December 2019. Please note, however, that each investor’s performance numbers are calculated on an individual basis from their time of application and may differ from the above. “Performance since inception” is measured as the Internal Rate of Return since inception. The IRR is the annualised rate of return that equates the amount and timing of irregular cashflows since inception with the period end value. For the purposes of the monthly report, the IRR replaces the time weighted return since inception effective 30 June 2023.

Date Unit Price Net Monthly Return*
30 April 2024$1.18130.68%

Fund Documents

Off Market Transfer Form
Change of Address & Communication Election Form
Letter of Authority Form


Spire Capital Master Fund Financial Report
PeriodDistribution Amount (cents per unit)EX Price
30 June 2023 Nil CPU Cash; Nil CPU FITOs $ 1.1540
30 June 2022 Nil CPU Cash; Nil CPU FITOs $ 1.1974
30 June 2021 Nil CPU Cash; Nil CPU FITOs $$0.7846