Lazard has introduced the Listed Private Markets fund, providing access to the performance of the private markets asset class through listed companies whose “long-term performance is linked to private markets”.
Holdings will include investment companies that hold private assets such as investment trusts and REITs as well as private market asset managers. The fund will have 25 to 30 holdings and liquidity through daily dealings and pricings.
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Lazard’s discounted assets team will manage the fund, focusing on companies they believe are trading on a discount to “long-term intrinsic value”. They intend to engage with the boards and management of these companies to generate additional value.
Andrew Lister, director and portfolio manager responsible for the Lazard Listed Private Markets fund, said: “The discounted assets universe has provided a source of attractive opportunities for Lazard’s clients for decades. The launch of the Lazard Listed Private Markets fund reflects a natural extension of our existing strategies and is a solution for investors seeking diversified exposure across private markets, with the benefits of regular liquidity.
“The global universe of opportunities in which this new fund will invest is hugely inefficient, lending itself to a highly attractive approach employed by an experienced and engaged investment team.”
