Direct unlisted funds pool investor capital to invest directly in physical assets that are not traded on public markets, such as commercial property or infrastructure.

How they operate

Capital raising

Investors commit capital during a defined offer period. The fund is unlisted, meaning units are not bought or sold on an exchange. Minimum investment amounts are typically higher than listed funds.

Asset ownership and management

The fund uses capital to acquire physical assets.

A professional fund manager is responsible for:

•    Asset selection and acquisition
•    Ongoing operations and maintenance
•    Leasing, financing, and risk management

Returns

Returns are generated from:

• Income (e.g. rent or contracted cash flows)
• Capital growth over time

 Income may be distributed periodically, depending on the fund’s structure.

Liquidity and valuation

• Investments are long‑term with limited liquidity
•  Withdrawals are restricted and governed by fund rules
•  Asset values are assessed periodically, not priced daily by the market

Exit

At the end of the fund term, assets are:

• Sold and proceeds returned to investors, or
• Transferred into a continuation or ongoing fund