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The next page relates to an offer open only to wholesale clients and sophisticated investors within the meaning of the Corporations Act 2001 (Cth). By continuing you confirm that you qualify, or that you act for someone who does.
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ASA Equal Living Social Infrastructure Fund
Key highlights and facts about the funding
The investment case
An operating business with a building attached
Australia does not have enough housing built for people who need significant daily care and cannot live in an ordinary home. Government funds that accommodation, and the private sector builds it faster and more cheaply than government can.
For an investor that produces long dated contracted income from an essential service, indexed every year, in a sector the market is still working out how to price.
Most of the capital that has come into the sector so far has bought a building and taken the lease that came with it. But a lease is only as good as the business paying it, and that business is where the growth is as well as the risk.
"Capital has treated this as a yield product with a building attached. It is an operating business with a building attached, and the investors who work that out late will be the ones holding a building and nothing else."
Tim Slattery, Managing Partner,
ASA Real Estate Partners
Where the return comes from
We own the property and we hold equity in the business that runs it
Contracted income from completed assets: Triple net leases of up to 20 years, reviewed annually by CPI. Income is fixed and s not calculated by reference to how full the building is.
Interest while new sites are built: Funding through construction on a fund-through basis, with the fund receiving interest across the development period.
A share in the operating business: Equity warrants give the fund the right to acquire up to a 30 per cent interest in Equal Living, vesting in proportion to the growth capital deployed.
Fund details
APIR
Product Disclosure Statement (PDS) and Application Forms
Structure
Stapled group of two Australian unit trusts
Initial target equity
$50 million at first close
Unit price
$1.00 per stapled unit
Minimum investment
$250,000, unless the trustee determines otherwise at its discretion
Distributions
Quarterly, in arrears
Term
Five years from first close, with two one year extensions available
Exit
A liquidity event targeted at five years. Routes include a sale of units, an initial public offering, a recapitalisation, or a coordinated sale of the portfolio and the operating business together
Gearing
Initial debt funding of approximately $25 million. Target LVR of 40 to 50 per cent
Alignment
Entities associated with the investment manager and the ASA Group, together with an entity associated with the Equal Living Group's founder, intend to subscribe for up to 10 per cent of equity at first close
Liquidity
Illiquid. No cooling off. Redemptions at the trustee's discretion and not expected during the term
Eligibility
Wholesale clients and sophisticated investors only
First close
30 September 2026. Indicative only and subject to change
Fees
Investment management
0.80% per annum of gross asset value, excluding the fund's interests in the Equal Living Group
Acquisition
Up to 2.00% of the acquisition price of each asset
Development
Up to 2.00% of the as-if-complete valuation of any asset developed
Debt arrangement
0.25% of the total amount raised under any debt facility
Disposal
Up to 1.00% of the contracted sale price
Performance
20% of outperformance above a 10% per annum IRR hurdle, payable on a liquidity event
Trustee
Up to $50,000 per annum, indexed to CPI
Fees are exclusive of GST. The fund also bears its operating costs. Full detail is in section 9 of the information memorandum.
Get the information memorandum
Read the detail
The information memorandum sets out the investment strategy and the joint venture terms, the portfolio with independent valuations, the fees, the tax treatment for Australian resident unitholders, and more than thirty risk factors in full. It is confidential and is supplied on the conditions set out within it.
Applications are made on the form attached to the information memorandum. Clients should obtain their own taxation and legal advice before investing.