GPEQ - VanEck Global Listed Private Equity ETF

[Dona Ferentes]

The VanEck Global Listed Private Equity ETF (GPEQ) was established late November 2021

Fund description: GPEQ gives investors a diversified portfolio of the 50 largest and most liquid global listed private equity companies. GPEQ aims to provide investment returns before fees and other costs which track the performance of the Index.

Index description: The LPX50 Index measures the performance of the 50 largest and most liquid global listed private equity companies.

Management style: Replication

Country of domicile: Australia

• Management fees of 0.65% p.a.

 

[Dona Ferentes]

so, how has it gone? and, is this a representation of PE health?
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Scarcely a day goes past without mention of Private Equity getting a mention in the financial press, how it's impacting markets, changing valuations, good things and bad.

Recently, for example:
"Is the move to open up the $US12 trillion ($18.6 trillion) domain of private markets – long the exclusive preserve of institutions and wealthy investors – to ordinary retail investors really a case of democratising investment, as the supporters contend?

"Or does it simply reflect the fact that private fund managers are on the hunt for fresh sources of capital because higher interest rates are weighing on returns and making it more difficult for them to raise funds from traditional sources? ...
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barriers that have previously kept retail punters out of PE markets include hefty minimum investments (anywhere between $250,000 and $25 million), lengthy lockup periods (typically 10 years), and complicated structures..... private equity investments are usually very illiquid.
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..this ETF operates internationally, I'm not sure if it investing in LISTED funds impairs returns or not?

 

[divs4ever]

GPEQ gives investors a diversified portfolio of the 50 largest and most liquid global listed private equity companies.

but PE companies have sometimes in the past had liquidity issues , sometimes door-shutting ones

CODE	COMPANY	ASSET
PGHN	Partners Group Holding AG	8.32%
APO	Apollo Global Management Inc Class A	8.10%
BX	Blackstone Inc	8.09%
KKR	KKR & Co Inc Ordinary Shares	8.00%
III	3i Group Ord	7.43%

Top 10 Holdings

CODE	COMPANY	ASSET
ARES	Ares Management Corp Ordinary Shares - Class A	4.55%
EQT	EQT AB Ordinary Shares	4.53%
ARCC	Ares Capital Corp	4.35%
CG	The Carlyle Group Inc	4.32%
FSK	FS KKR Capital Corp	3.65%

EQT not to be confused with the ASX listed fund manager of the same ticker code​

one might like to do plenty of research before parting with the cash

only one div. per year planned , no franking ( since most income is coming from international sources , so no surprise there )

Trade History​

Download CSV

Trade History table

SORTDATE INASCENDINGORDER	SORTOPEN $INASCENDINGORDER	SORTHIGH $INASCENDINGORDER	SORTLOW $INASCENDINGORDER	SORTCLOSE $INASCENDINGORDER	SORTCHANGE $INASCENDINGORDER	SORTCHANGE %INASCENDINGORDER	SORTVOLUMEINASCENDINGORDER
19/09/2023	17.680	17.680	17.570	17.580	-0.130	-0.73	1,130
18/09/2023	17.760	17.760	17.710	17.710	-0.100	-0.56	547
15/09/2023	17.700	17.810	17.620	17.810	0.180	1.02	5,055
14/09/2023	17.600	17.630	17.600	17.630	0.040	0.23	1,000
13/09/2023	17.590	17.590	17.590	17.590	0.000	0.00	635
12/09/2023	17.610	17.610	17.530	17.590	0.040	0.23	413
11/09/2023	17.550	17.760	17.550	17.550	0.110	0.63	466
08/09/2023	17.500	17.500	17.440	17.440	-0.010	-0.06	342
07/09/2023	17.500	17.590	17.450	17.450	-0.080	-0.46	2,089
06/09/2023	17.640	17.640	17.520	17.530	0.200	1.15	1,472
05/09/2023	17.210	17.370	17.210	17.330	0.040	0.23	4,055
04/09/2023	17.360	17.360	17.290	17.290	-0.020	-0.12	1,449
01/09/2023	17.270	17.340	17.270	17.310	0.100	0.58	457
31/08/2023	17.190	17.280	17.190	17.210	0.060	0.35	3,516
30/08/2023	16.990	17.150	16.990	17.150	0.250	1.48	169
29/08/2023	16.900	16.930	16.900	16.900	0.110	0.66	19
28/08/2023	16.840	16.840	16.790	16.790	0.000	0.00	2,197
25/08/2023	16.790	16.810	16.790	16.790	-0.020	-0.12	110
24/08/2023	16.750	16.820	16.750	16.810	0.060	0.36	1,482
23/08/2023	16.770	16.780	16.750	16.750	-0.060	-0.36	1,439
22/08/2023	16.860	16.860	16.810	16.810	-0.160	-0.94	723
21/08/2023	16.970	17.000	16.940	16.970	0.130	0.77	605
18/08/2023	16.890	16.890	16.840	16.840	-0.200	-1.17	91
17/08/2023	16.990	17.040	16.960	17.040	0.020	0.12	1,512
16/08/2023	17.020	17.040	17.020	17.020	-0.150	-0.87	28,932
15/08/2023	17.150	17.230	17.140	17.170	0.100	0.59	6,410
14/08/2023	17.150	17.150	17.030	17.070	-0.100	-0.58	58,291
11/08/2023	17.220	17.220	17.170	17.170	0.020	0.12	4,040
10/08/2023	17.190	17.200	17.150	17.150	0.010	0.06	3,056
09/08/2023	17.160	17.160	17.120	17.140	-0.070	-0.41	7,864
08/08/2023	17.160	17.210	17.150	17.210	0.120	0.70	20,533
07/08/2023	17.080	17.090	17.070	17.090	0.150	0.89	1,798
04/08/2023	16.970	16.970	16.940	16.940	-0.020	-0.12	120
03/08/2023	16.950	16.970	16.940	16.960	-0.100	-0.59	10,033
02/08/2023	17.010	17.060	17.010	17.060	0.090	0.53	3,116

gee traded volumes might be a bit thin for nervous investors

i guess it all depends if you want exposure the Private Equity ( and aren't a shark or whale )

 

[InsvestoBoy]

..this ETF operates internationally, I'm not sure if it investing in LISTED funds impairs returns or not?

This is not a bad product for what it is, the fee is half what Invesco is charging for their essentially identical product on the NYSE https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=PSP

But, it's not an investment in private equity. It's an investment in the asset management firms themselves, where most of the returns are coming from asset management fees etc. They usually only invest a portion of their own book into their own funds.

It's more similar to CHC on the ASX, most of the money is coming from dealmaking and asset management fees, only a portion comes from CHC investing in their own funds.

I would say the most private equity style investments on the ASX are like MQG, WES, SOL, SVW. On the US exchanges Berkshire is probably providing much more PE style returns than any of equity in those asset managers.