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NOW Closed – Now closed to investment.

Fund facts

Investor Type
Wholesale investors only
Asset Class
Global Private Equities
IM Date
11 April 2019
Suggested Investment Period
2-5 Years
Annually as at 30 June
N/A - The Fund is closed ended
Closed to new investment
Wrap Access
Investment Partner

Investment Opportunity Overview

The Spire Aero Aggregates Fund II AUD (‘Fund’) will provide Australian investors with access to Aero Aggregates of North America, LLC (“Aero”). Due to the continued growth of Aero, Valterra Aero Holdings (“VAH”) intends to make a follow-on investment into Aero of $15mm initially with the option of investing an additional $2.5mm with both VAH and Aero Board approval (for a total of $17.5mm). The $2.5mm will be invested in Aero as necessary to provide additional working capital/expansion funding.

Aero is currently projecting that it has sold out of capacity for 2022 (at Jan 31, 22), with:
– 293k cubic yards under purchase order/specified with a ship date in 2022
– 245k cubic yards under purchase order with a ship date for 2023 already
Aero intends to open a fourth facility in the US Northeast (in advanced discussions with a former Casella Waste transfer station in Southbridge, MA) with two kilns. Aero also intends to upgrade its two existing facilities (Eddystone, PA and Dunnellon,FL.) via capex investments to increase efficiency and utilisation. By Dec 31, 22, Aero intends to have 9 kilns (vs original business plan of 6 by 2024).


Business Overview

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 2-5 years in line with the business plan for Aero, which is to increase EBITDA before exiting the business in 2025.

Ordinary Units

Performance as at 31 May 2024 Net Returns*
1 month-2.64%
3 months-2.31%
6 months-0.87%
1 year-3.75%
Performance Since Inception **2.55%

*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 April 2022. Unit Price and performance do not include the value of Foreign Income Tax Offsets (FITOs) which have been accrued. 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 April 2022) occurred from the commencement of NAV based unit pricing, following the completion of capital raising in 29 April 2022 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*
31 May 20241.0541-2.63%

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 PriceDistribution Component
30 June 2023 Nil CPU Cash; Nil CPU FITOs $1.0554
30 June 2022 Nil CPU Cash; Nil CPU FITOs $1.0565