VPESO
VANTAGE PRIVATE EQUITY SECONDARIES OPPORTUNITIES
Gain immediate exposure to a diversified private equity portfolio with 100+ underlying portfolio company holdings
INCEPTION
$
NET ASSET VALUE (NAV)
As at 30 November 2025
%
p.a
NET ANNUALISED RETURN
As at 30 September 2025
Overview
VpESO
Vantage Private Equity Secondaries Opportunities (VPESO) Fund, is an open-ended, semi-liquid fund, established to provide investors immediate exposure to a diversified private equity portfolio of funds and portfolio companies managed by the top tier private equity managers in the region.
The Fund makes LP-led and GP-led secondary acquisitions within the Australia and New Zealand private equity segment. In addition, VPESO makes co-investment commitments into the most high-conviction deals, investing directly alongside private equity managers in Australia and New Zealand.
Despite private equity’s track record as a high performing asset class, secondaries into the best performing funds for an individual investor is virtually impossible to achieve. Vantage’s proven secondary approach broadens investor access and participation to the asset class.
To date, VPESO has completed seven LP-led secondary private equity investments and four co-investments. These investments are diversified across growth, buyout and turnaround investment strategies.
The Fund holds exposure to 127 underlying portfolio companies, of which 28 have been sold. The Fund has a highly diversified portfolio of investments across both growth and defensive industry sectors, including technology and software, healthcare, professional services, consumer staples, industrials and agriculture.
Fund Details
SEMI-LIQUID FUND
Secondary Private Equity Positions
Co-investments
LOWER TO MID-MARKET FOCUS
SUMMARY PERFORMANCE
Underlying portfolio Companies
Exits Completed
$
Net Asset Value
AS AT 30 NOVEMBER 2025
%
Absolute Net Return
%
P.A
Net Annualised Return
Documents
Secondary Private Equity Portfolio
Details of VPESO current Private Equity commitments and investments are provided in the table below:
| PRIVATE EQUITY FUND NAME | VINTAGE | INVESTMENT STRATEGY | ACQUIRED COMMITMENT ($M) | COMMITMENT ($M) | PORTFOLIO COMPANIES | EXITS |
|---|---|---|---|---|---|---|
| ADVENT PARTNERS 2 FUND | 2017 | MID MARKET EXPANSION / BUYOUT | $10.00 | $9.18 | 7 | 4 |
| ANCHORAGE CAPITAL PARTNERS FUND III | 2017 | MID MARKET EXPANSION / BUYOUT | $5.00 | $4.94 | 5 | 2 |
| VANTAGE PRIVATE EQUITY GROWTH 3 | 2019 | FUND OF FUNDS – LOWER TO MID MARKET GROWTH / BUYOUT / TURNAROUND | $12.12 | $12.12 | 50 | 17 |
| GENESIS CAPITAL FUND I | 2020 | LOWER TO MID MARKET GROWTH / BUYOUT | $1.30 | $1.07 | 9 | - |
| THE GROWTH FUND III | 2017 | MID MARKET EXPANSION / BUYOUT | $6.00 | $5.39 | 12 | 5 |
| VANTAGE PRIVATE EQUITY GROWTH 4 | 2021 | FUND OF FUNDS – LOWER TO MID MARKET GROWTH / BUYOUT / TURNAROUND | $14.50 | $7.60 | 47 | 6 |
| WHITEOAK GROWTH FUND I | 2022 | GROWTH CAPITAL | $2.00 | $1.79 | 8 | - |
| CO-INVEST NO. 1 (GULL NEW ZEALAND) | 2022 | MID MARKET SPECIAL SITUATIONS | $2.00 | $2.00 | 1 | - |
| CO-INVEST NO. 2 (COMPARE CLUB) | 2022 | LOWER TO MID MARKET GROWTH CAPITAL / BUYOUT | $2.50 | $2.50 | 1 | - |
| CO-INVEST NO. 3 (PAC TRADING) | 2023 | LOWER TO MID MARKET GROWTH CAPITAL / BUYOUT | $1.08 | $1.06 | 1 | - |
| CO-INVEST NO. 4 (ASF AUDITS) | 2025 | GROWTH CAPITAL / BUYOUT | $1.00 | $1.00 | 1 | - |
| TOTAL | $57.51 | $48.64 | 127 | 28 |
Investment Portfolio Value
PERFORMANCE
| PERIOD ENDED | 1 MONTH | 3 MONTHS | 6 MONTHS | 1 YEAR | 2 YEARS | ABSOLUTE RETURN | ANNUALISED RETURN P.A. | INCEPTION DATE | NET UNIT VALUE |
|---|---|---|---|---|---|---|---|---|---|
| 30 SEPTEMBER 2025 | 0.7% | 1.2% | 5.9% | 8.9% | 25.0% | 66.3% | 14.1% | 27 JULY 2021 | $1.2040 |
Quarterly Investor Reports
September 2025
JUNE 2025
March 2025
December 2024
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September 2024
June 2024
March 2024
December 2023
September 2023
June 2023
March 2023
December 2022
September 2022
June 2022
March 2022
December 2021
September 2021
Annual Reports
VPEso Annual Report 2025
VPEso Annual Report 2024
VPEso Annual Report 2023
VPEso Annual Report 2022



