Perennial takes stake in 4D Infrastructure, breaking from Bennelong sale
What's the deal? Perennial PartnersDealroom has a profile for this one. Try Dealroom → is acquiring a shareholding in 4D InfrastructureDealroom has a profile for this one. Try Dealroom → for an undisclosed sum, splitting the global listed-infrastructure manager off from parent Bennelong Funds ManagementDealroom has a profile for this one. Try Dealroom →. The rest of Bennelong is being sold separately to Antipodes PartnersDealroom has a profile for this one. Try Dealroom →.
Why now? Antipodes announced it will buy Bennelong from Bangarra GroupDealroom has a profile for this one. Try Dealroom →, along with affiliates including Quay Global InvestorsDealroom has a profile for this one. Try Dealroom →, Bennelong Long Short Equity ManagementDealroom has a profile for this one. Try Dealroom →, Bennelong Australian Equity PartnersDealroom has a profile for this one. Try Dealroom →, and Skerryvore Asset ManagementDealroom has a profile for this one. Try Dealroom →. 4D chose a different home, moving instead to Perennial.
What changes? Little, on paper. Under binding agreements, 4D stays on as manager of the 4D Global Infrastructure FundDealroom has a profile for this one. Try Dealroom →, which invests in listed infrastructure companies globally via Australian dollar hedged and unhedged versions. Chief investment officer Sarah Shaw continues to lead the business, with the existing team keeping their roles.
The players: 4D was founded in 2015 as 4 Corners InfrastructureDealroom has a profile for this one. Try Dealroom →, in partnership with Bennelong and co-founders Shaw, Michael Morrison, and Greg Goodsell. Perennial manages roughly $8.5 billion across specialist businesses spanning equities, fixed income, resources, private markets, and healthcare.
The track record: 4D's unhedged fund, launched in March 2016, has returned 9.81% annualised after fees since inception, ahead of its 8.53% benchmark. The hedged fund, live since August 2022, has returned 7.55% against a 9.08% benchmark.
What they're saying: "The 4D business has carved out an impressive niche in the Australian investment landscape," Perennial executive director Anthony Patterson said, adding that the firm is "confident that we can grow" it.
Patterson said Perennial would commit resources to management, distribution, and governance while letting Shaw's team keep its investment approach. Shaw said the deal gives 4D additional resources "as it enters its next phase."
The signal: Australia's boutique fund landscape is consolidating, with multi-affiliate parents being carved up and their specialist teams parcelled out to new backers. 4D's move shows how established niche managers can negotiate their own path — preserving team and strategy — even as their former parent changes hands.
Read more: financialstandard.com.au
Image credit: Generated with Gemini
