Client Portal

NOW Closed – Now closed to investment.

Fund facts

Investor Type
Wholesale investors only
Asset Class
Global Private Equity
APIR
SPI5102AU
ASRN
N/A
IM Date
April 11, 2019
Term Sheet Date
August 6, 2021
Suggested Investment Period
5-7 years
Distribution
Annually as at 30 June
Redemptions
N/A - The Fund is closed ended
Applications
Open to new investment
Wrap Access
Available on request
Investment Partner

Spire Capital Pty Ltd (“Spire”) continues to have high conviction in select pockets of global private markets (i.e. ‘sweet spots’). This includes working in partnership with Valterra Partners LLC (‘Valterra’), to find attractive direct co-investment opportunities within the field of private equity infrastructure. More specifically, this means investment opportunities attached to essential services, underserved end-markets and long-term secular demand trends (e.g. data consumption).

As the world progresses through COVID-19 crisis, the resiliency of “Core” infrastructure assets is being tested as air travel, vehicle movements, energy demand and port throughput are all materially impacted. Meanwhile, data is proving to be essential to all sectors of the economy through the disruption. For context, 2022 is forecast to have more data computed than the entire 1984-2016 period as data intensity increases and use cases multiply. Internet users, connected devices and speeds continue to increase significantly, creating significantly more demand for data infrastructure services.

The assets that provide the access to data (towers, fiber and datacenters) are increasingly being viewed as critical infrastructure to the economy. Data centres are increasingly being viewed as infrastructure assets because they possess many of the same key attributes as traditional core infrastructure investments including long term contracts, stable and predictable cash flows, high free cashflow generation and stable underlying demand drivers.

Spire started working with Valterra in 2019 to better understand the global landscape for data and the infrastructure that enables its transmission. Data Centres sit at the centre of the data infrastructure system as the point where crucial storage and computing takes place. In particular, data centres at the “edge”, i.e. close to major metropolitan areas and thus close to end consumers, are increasingly important as the internet architecture undergoes a significant transformation as a result of the requirement for zero latency from many users.

Ordinary Units

Performance as at 30 April 2022 Net Returns*
1 month5.64%
3 month-0.11%
6 monthN/A
1 yearN/A
Since Inception 21.99%

*Past performance is not an indicator of future performance. Performance and Growth table and chart are 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 December 2021. Unit Price and performance do not include the value of Foreign Income Tax Offsets (FITOs) which have been distributed in addition to cash. Individual investor performance will vary according to the Application Price at which they were issued Units in the Fund, which in turn was based upon the AUD / USD exchange rate applicable on the day that an investment is accepted

Date Unit Price Net Monthly Return*
30 April 2022$1.67015.64%

Research

Fact Sheet
PDF
Spire Capital Master Fund Financial Report
PDF

Monthly Reports