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VPEG3 Quarterly Report June 2021

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12 August 2021

VPEG3 Quarterly Report for the 3 months ending 30 June 2021 Special Points of Interest;

  • VPEG3’s portfolio value increases by 7.4% across the quarter, delivering a total Investor return across the 2021 Financial year of 56.9%
  • Mercury Capital Fund 3 announces the sale of MessageMedia for AUD$1.7 billion to Sinch, a leading global cloud communications business listed on the Nasdaq Sweden
  • Allegro Fund III announces the exit via an IPO and ASX listing of Best & Less Group, Australia’s leading value apparel specialty retailer 
  • Mercury Capital Fund 3 announces an investment in E&P Financial Group Limited, an ASX-listed diversified financial services business, with service offerings across wealth management, funds management and corporate advisory
  • VPEG3’s consolidated performance continues to improve as the portfolio matures, with VPEG3 delivering a net return of 23.0% p.a. since inception to 30 June 2021

View or download a copy of the VPEG3 Quarterly Report June 2021

Allegro Fund III announced the exit via an IPO and ASX listing of Best & Less Group

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On 9 July 2021, Allegro Fund III announced the exit via an IPO and ASX listing of Best & Less Group, Australia’s leading value apparel specialty retailer, that comprises of retail brands Best & Less in Australia and Postie in New Zealand.

On 26 July 2021 Best & Less Group (ASX:BST) successfully listed on the ASX after experiencing significant institutional and retail investor demand, raising $60 million at $2.16 per share, representing a Market Capitalisation of $271 million. The IPO followed the strategic $40 million equity investment from BB Retail Capital (BBRC), a private investment firm founded and chaired by experienced retail entrepreneur Brett Blundy.

Allegro Fund III sold 41% of their shareholding immediately after the completion of the IPO, retaining 42% shareholding post the IPO offering, which is subject to a staged escrow arrangement until the release of the Company’s H1 FY23 results to the ASX.

How to buy Best & Less Group shares - (ASX:BST) share price and analysis |  Finder

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Mercury Capital Fund 3 announced the 100% sale of MessageMedia for AUD$1.7 billion to Sinch, a leading global cloud communications business listed on the Nasdaq Sweden

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During June 2021, VPEG3 investee Mercury Capital Fund 3 announced the 100% sale of MessageMedia for AUD$1.7 billion to Sinch, a leading global cloud communications business listed on the Nasdaq Sweden.

MessageMedia is the largest provider of SMS-based marketing and communications in Australia and New Zealand, employing more than 350 people and is estimated to send 420 million messages a month across 200 plus countries on behalf of over 60,000 clients. This exit marked an excellent investment for Mercury Capital and at the time of announcement marked one of the largest ever deals for an Australian technology company. Once completed, the sale will deliver Mercury Capital Fund 3 investors, including VPEG3 with a strong return on investment across a 1.6 year investment period.

VPEG3’s share of the net sale proceeds of MessageMedia will be distributed to all VPEG3 investors once the sale is completed during the second half of 2021.

MessageMedia Pricing, Features, Reviews & Alternatives | GetApp

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VPEG3 Quarterly Report March 2021

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20 May 2021

VPEG3 Quarterly Report for the 3 months ending 31 March 2021

Special Points of Interest;

  • Allegro Fund III completes the 100% Sale of Ngahuia Group to Tahua Partners, representing VPEG3’s second exit from its underlying portfolio
  • Odyssey Private Equity Fund 8 invests in MTB Direct, a leading online store for mountain bike parts, riding apparel and accessories
  • VPEG3 Distributes $0.03 per Dollar of Committed Capital to all VPEG3 Investors during the March 2021 quarter as a result of the receipt of the partially realised proceeds of SILK Laser Clinics Australia
  • VPEG3’s consolidated performance continues to improve as the portfolio matures, with VPEG3 delivering a net return of 21.6% p.a. since inception to 31 March 2021

View or download a copy of the VPEG3 Quarterly Report March 2021

VPEG3 Investee Allegro Fund III Completes the Sale of Ngahuia Group to Tahua Partners

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On 25 February 2021, VPEG3 investee Allegro Fund III completed the 100% sale of Ngahuia Group Ltd to Tahua Partners.

In October 2017, Allegro partnered with Roger and John via an MBO to acquire Ngahuia from ASX listed Bapcor (ASX:BAP), who sold the business as a non-core asset. Allegro applied its unique approach and large operating partner team with skills across branding, operations and strategy to partner with management to accelerate the transformation of Ngahuia.

Ngahuia is New Zealand’s leading footwear retailer operating 100 stores across two iconic retail brands—Number One Shoes and Hannahs. Hannahs is one of New Zealand’s oldest brands and has operated for over 150 years while Number One Shoes has operated for over 40 years. Both brands are focused on the value to mid market segment.

The business pursued an aggressive customer and digital led strategy while shrinking its physical footprint and lowering its operating cost base. Online sales have grown significantly to 10% of sales and continues to grow rapidly. The business also invested in its data capability to drive CRM and digital marketing across its 1m+ customer database.

Once completed the proceeds of this sale will deliver another strong return and distribution to VPEG3 investors during the June 2021 Quarter.

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VPEG3 Quarterly Report December 2020

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18 February 2021

VPEG3 Quarterly Report for the 3 months ending 31 December 2020

Special Points of Interest;

  • Advent Partners 2 completes the successful exit of SILK Laser Clinics Australia via an IPO, representing VPEG3’s first exit from its underlying portfolio
  • Strong earnings growth by a majority of VPEG3’s underlying companies delivers a 31.7% increase in portfolio value across the quarter
  • Next Capital Fund IV invests in Enviropacific Services Pty, a market leading environment remediation specialist providing tailored solutions for the prevention and treatment of solid and liquid contamination in Australia
  • Adamantem Capital Fund I announces the sale of Servian to US technology firm Cognizant Technology Solutions Corporation

View or download a copy of the VPEG3 Quarterly Report December 2020

VPEG3 Investee Adamantem Capital Fund I Announces the Sale of Portfolio Company Servian to US technology firm Cognizant Technology Solutions

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On 11 January 2021, VPEG2 & VPEG3’s underlying investee Adamantem Capital Fund I announced that they had entered into a binding agreement to sell 100% of its shares in Servian to US technology firm Cognizant Technology Solutions Corporation (“Cognizant”). This exit, once completed, represents Adamantem Capital Fund I’s first exit for this Fund and VPEG3’s second exit from its underlying portfolio.

Adamantem acquired Servian in June 2018 with the investment thesis centred around using Servian as a platform asset to build an independent, data and analytics focused IT services company of scale in Australia and New Zealand. Adamantem’s strategy was to accelerate growth in both existing and new clients by investing in recruitment and business development; make strategic acquisitions to both expand the core practice and extend into adjacency services; and launch in new international markets to expand the geographic footprint.

The management team successfully executed on this strategy and since June 2018 has grown the number of consultants from 200 to over 500. Acquired 2 new businesses to expand the service offering and scale the New Zealand operations, established a greenfield presence in Singapore and the UK, and deepened its tier 1 cloud partnerships.

The sale of Servian, once completed, will represent the second exit from VPEG3’s portfolio delivering a strong return and another distribution to VPEG2 & VPEG3 investors during the June 2021 quarter.

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Advent Partners 2 completes the successful exit of SILK Laser Clinics Australia via an IPO Listing

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On 15 December 2020, Advent Partners 2 completed the successful exit of SILK Laser Clinics Australia via an IPO. This exit represents VPEG3’s first exit from its underlying portfolio.

Advent Partners 2 made its initial investment in SILK on 31 January 2018 and since this time Advent has supported SILK to become a national leader in the Australian non-surgical aesthetics market taking its network of clinics from 12 to over 50.

This growth included greenfield clinic expansion, an acquisition of a rival network of clinics which were subsequently rebranded SILK and the purchase and relaunch of a proprietary skincare brand Aesthetics Rx.

SILK Laser Clinics Australia (ASX: SLA) listed on 15 December 2020 at a share price of $3.45, implying an enterprise value of $162 million. Upon listing Advent Partners 2 realised a portion of their investment holding representing 2.0x of the Fund’s original investment in SILK, with the Fund retaining 28% of SILK post IPO.

Once fully completed the exit will deliver top quartile performing returns for Advent Partners 2 investors, including VPEG3 investors. The realised proceeds from the IPO were distributed by Advent to VPEG3 on 18 December 2020 and subsequently distributed to VPEG3 investors during the March 2021 quarter.

View VPEG3’s Private Equity Portfolio

VPEG3 Quarterly Report September 2020

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21 November 2020

VPEG3 Quarterly Report for the 3 months ending 30 September 2020

Special Points of Interest;

  • Next Capital Fund IV invests in Eptec Group, a specialist contractor providing asset preservation, life extension and maintenance services to marine, critical transport and infrastructure assets in Australia.
  • A significant majority of companies in VPEG3’s underlying portfolio, representing 95% of total NAV, maintained or increased in value across the quarter
  • The improvement in value across the portfolio delivered a 4.8% increase in VPEG3’s Consolidated NAV across the quarter
  • VPEG3 investee Advent Partners 2 prepares SILK Laser Clinics for exit via IPO listing on the ASX, which is expected to be completed by December 2020 delivering a strong return on investment

View or download a copy of the VPEG3 Quarterly Report September 2020

Notice of VPEG3 2020 Annual General Meeting

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3 November 2020

The 2020 Annual General Meeting (AGM) of Vantage Private Equity Growth 3 (VPEG3) consisting of Vantage Private Equity Growth 3, LP (ILP NO. L0000419E) (VPEG3, LP) and Vantage Private Equity Growth Trust 3A, (VPEG3A) will be held via video conference at 11:00am AEDST on Wednesday 25th November 2020 broadcast from Level 17, 8 Chifley Square, Sydney NSW 2000

Investors seeking to attend the virtual AGM, please advise Vantage by email at info@vantageasset.com, to register your interest and you will receive video conference details by way of an invitation prior to the meeting.

Performance Highlights from VPEG3’s 2020 Annual Report;

  • $16.21m in Additional Capital Drawn by underlying Private Equity Funds
  • 16 new underlying company investments added to the portfolio
  • A total of 33 underlying company investments have now been completed with an average hold period of 1.2 years
  • Paid capital by all investors to VPEG3, LP of $0.55 per dollar of Committed Capital to VPEG3
  • Paid capital by all investors, except SIV investors, to VPEG3A of $0.23 per dollar of Committed Capital to VPEG3
  • Companies held within the VPEG3 portfolio for more than one year have on average increased Revenue by 72% and Earnings (EBITDA) by 21% since initial investment
  • 21% is the total increase in value, after fees, delivered by VPEG3, across FY20