The collaboration between investment giants Blackstone, Wellington Management, and Vanguard is already taking concrete shape, with the first potential fund from the partnership officially hitting the U.S. Securities and Exchange Commission’s docket.
Structured as a public-private interval fund, the WVB All Markets Fund filed this week. It marks a significant move by the trio, who collectively oversee approximately $12 trillion in assets, to bring sophisticated investment strategies to a broader audience.
Wellington Management Company LLP will serve as the adviser for the multi-asset fund, which represents Wellington’s second interval/tender-offer product. The WVB All Markets Fund aims to provide attractive risk-adjusted returns and income by investing across a diverse spectrum of public and private markets, employing both active and passive strategies.
The fund’s targeted allocations under normal market conditions will be: 40% to 60% in public equity; 15% to 30% in public fixed income; and 25% to 40% in private markets, including asset classes such as private equity, private credit, real estate, and infrastructure.
The fund will seek to achieve its investment objective by gaining exposure to these markets through individual securities, pooled investment vehicles, and derivatives. Notably, the exposure to private markets, passively managed equities, and public fixed income assets will be obtained through allocations to investment vehicles managed by affiliates of Blackstone or Vanguard. The filing states that Wellington, as the adviser, expects to select these underlying funds without necessarily canvassing the broader universe of available investment vehicles. It is important to note that Blackstone and Vanguard are not sponsors, promoters, investment advisers, sub-advisers, or underwriters of the WVB All Markets Fund.
The fund’s net asset value frequency will be daily, and it is offering three share classes: Class A, Class I, and Class M.
To participate, individuals or entities must invest at least an initial investment of $2,500 for Class A, I, and M shares. Subsequent investments are set at a minimum of $500. The interval fund will offer quarterly repurchases from 5% to 25% and will be sold without suitability restrictions.
The fund’s management fee, as a percent of net assets, has yet to be disclosed. Also, the fund indicated that its acquired fund fees and expenses are to be determined, but that it would not have income incentive/performance fees.
This filing is the first tangible product to emerge from the initiative announced last month by Blackstone, Wellington, and Vanguard. The collaboration aims to transform how everyday investors access institutional-caliber investment opportunities by offering simplified multi-asset solutions that integrate public and private markets alongside active and index strategies.
The firms have highlighted that this “first of its kind” initiative leverages their distinct strengths: Blackstone’s leadership in alternative asset management and private markets solutions for individuals; Wellington’s extensive experience in active management and asset allocation; and Vanguard’s renowned track record in delivering high-performing, low-cost actively managed strategies and index funds.
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