Aspiriant Risk-Managed Real Asset Fund filed a preliminary prospectus on November 3. This fund will use a fund of funds strategy with an investment objective of long term capital appreciation. The draft prospectus registers $1,000,000 in shares for sale, although that can be increased in the future.
Aspiriant Risk-Managed Real Asset Fund Strategy
Aspirant Risk Managed Real Asset Fund Strategy will invest in a diversified portfolio of investment investment funds that hold real estate, infrastructure, commodities, and other real assets. Some of the underlying funds will bes structured as limited partnerships, while others w will be exchange traded or private real estate investment trusts. The fund is likely to serve as a vehicle to provide end clients with access to institutional alternative investment funds. The manager will reorganize and transfer assets from Global Real Estate Opportunities LP, into the fund upon launch. This predecessor fund had the same investment strategy as the new fund, although the new structure provides additional transparency. The fund expects to pay distributions at least annually. As a tender offer fund it might make repurchases on a regular basis, although the amount and timing of these repurchases will be at the discretion of the board.
LA based investment adviser Aspiriant LLC serves as the investment manager. Aspiriant is a full service investment adviser that provides planning, investment management, and comprehensive wealth management services to high net worth families. Additionally, they provide investment advisor services to institutions. They also have several Aspiriant affiliated Mutual Funds. They have 1,700 clients and manage a total of $12.7 billion in AUM, according to their latest form ADV. This new fund is the first tender offer fund that Aspiriant has launched. Portfolio managers will be John Allen, CFA, CIO at Aspiriant, and Mac Castellani, CFA, CAIA, CIMA, Managing Director at Aspiriant.
Fee Structure and Service Providers
Based on the draft prospectus, Aspiriant Risk-Managed Real Asset Fund is available in one share class with a minimum investment of $25,000. The management fee is 0.5% per annum, although the manager is waiving 0.40% of this initially. The fund will not have a sales charge or early repurchase fees. Additionally the fund may charge 0.10% administrative services fee. The prospectus also provides for an additional fee paid to the administrator, although it is not specified in the draft prospectus. Also notable, since this is a fund of funds, there will be an extra layer of fees in the portfolio holdings. The acquired fund fees will generally include management fees of up to 2% and incentive fees of up to 20%.
UMB will also serve as the be the custodian bank, transfer agent, administrator and distributor. Faegre Drinker Biddle & Rath LLP is the fund counsel.
Where to Find More Information on Tender Offer Funds
Aspiriant Risk-Managed Real Asset Fund of over 20 tender offer funds in the fund launch pipeline that have filed initial registration statements. Click here to access a full list of tender offer funds that have recently launched.