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VPESO

VANTAGE PRIVATE EQUITY SECONDARIES OPPORTUNITIES

Gain immediate exposure to a diversified private equity portfolio with 100+ underlying portfolio company holdings

2021

INCEPTION

$

1.228

NET ASSET VALUE (NAV)

As at 31 DECEMBEr 2025

16.6

%

NET ANNUALISED RETURN

As at 31 December 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 129 underlying portfolio companies, of which 30 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

7

Secondary Private Equity Positions

5

Co-investments

LOWER TO MID-MARKET FOCUS

SUMMARY PERFORMANCE

129

Underlying portfolio Companies

30

Exits Completed

$

1.228

Net Asset Value

AS AT 31 decEMBER 2025

66.3

%

Absolute Net Return

13.6

%

Net Annualised Return

Documents

Investment Portfolio Value

PERFORMANCE

PERIOD ENDED1 MONTH3 MONTHS6 MONTHS1 YEAR2 YEARSANNUALISED RETURN P.A.INCEPTION DATENET UNIT VALUE
31 DECEMBER 20250.8%0.6%2.6%2.8%25.4%13.6%27 JULY 2021$1.228

Secondary Private Equity Portfolio

Details of VPESO current Private Equity commitments and investments are provided in the table below:

PRIVATE EQUITY FUND NAMEVINTAGEINVESTMENT STRATEGYACQUIRED COMMITMENT ($M)COMMITMENT ($M)PORTFOLIO COMPANIESEXITS
ADVENT PARTNERS 2 FUND2017 MID MARKET EXPANSION / BUYOUT$10.00$9.1874
ANCHORAGE CAPITAL PARTNERS FUND III2017 MID MARKET EXPANSION / BUYOUT$5.00$4.9452
VANTAGE PRIVATE EQUITY GROWTH 32019 FUND OF FUNDS – LOWER TO MID MARKET GROWTH / BUYOUT / TURNAROUND$12.12$12.125017
GENESIS CAPITAL FUND I2020 LOWER TO MID MARKET GROWTH / BUYOUT$1.30$1.079-
THE GROWTH FUND III2017 MID MARKET EXPANSION / BUYOUT$6.00$5.39125
VANTAGE PRIVATE EQUITY GROWTH 42021FUND OF FUNDS – LOWER TO MID MARKET GROWTH / BUYOUT / TURNAROUND$14.50$7.60476
WHITEOAK GROWTH FUND I2022GROWTH CAPITAL$2.00$1.798-
CO-INVEST NO. 1 (GULL NEW ZEALAND)2022 MID MARKET SPECIAL SITUATIONS$2.00$2.001-
CO-INVEST NO. 2 (COMPARE CLUB)2022 LOWER TO MID MARKET GROWTH CAPITAL / BUYOUT$2.50$2.501-
CO-INVEST NO. 3 (PAC TRADING)2023 LOWER TO MID MARKET GROWTH CAPITAL / BUYOUT$1.08$1.061-
CO-INVEST NO. 4 (ASF AUDITS)2025 GROWTH CAPITAL / BUYOUT$1.00$1.001-
TOTAL$57.51$48.6412728

Quarterly Investor Reports

december 2025

Annual Reports

VPEso Annual Report 2025

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