Ann: Becoming a substantial holder, page-2

Reasonable sign. They seem to have some form in this space:

Regal Funds Management doubles down in emerging companies

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Regal aims to close its second emerging companies fund in late March, this time with an eye to raising $200 million.

• by
  
• Sarah Thompson
  
• Anthony Macdonald
  
• Joyce Moullakis

Fresh off his appearance at Sohn Hearts and Minds, where he was introduced as being more connected than the NBN, Phil King's planning a second pre-IPO and microcap fund at Regal Funds Management to capitalise on the good performance of a comparable earlier strategy.
Regal raised $100 million in its first go at such a fund in late 2016, for a roughly 100 per cent return after fees since inception.
The portfolio is run by Julian Babarczy and Ben McCallum, formerly of M H Carnegie & Co, who will also share stewardship of the new fund.
The existing fund has been a backer of no less than last-mile delivery company GetSwift, the market's favourite battleground stock, which has just raised $75 million in an oversubscribed round led by Fidelity. GetSwift has not been without its critics, and its shares were briefly suspended by the ASX.

The same strategy also backed US copper and gold explorer Alderan Resources and FastBrick Robotics, and was an early backer of Murray River Organics.

Regal aims to close the new fund, called Regal Emerging Companies Fund Series 2, in late March, this time with an eye to raising $200 million in a process starting February. Babarczy and McCallum believe the level of deal flow at the smaller end of the market is of sufficient quality to expand their niche.
As with the first fund, Regal will raise money under a five-year lock-up period and return the capital to investors by the end of the fifth year. That means it will be in the investment phase for up to four years.
Regal has previously been linked to pre-IPO positions in Surfstitch, BWX and Bellamy's, making the fund manager somewhat of a kingmaker for future stars.


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