Direct Co-investments

Direct co-investments comprise the majority of Apogem’s commingled private real assets funds. We typically seek the following attributes in our real assets co-investments:

• Thematic direct equity investments in private companies across natural resources sectors and value chain
• Investments alongside trusted sponsors and management teams with specialized expertise
• Well-capitalized businesses acquired at attractive valuations
• Cash flow generating assets with minimal to no debt
• Companies with the ability to return significant capital through dividends

Secondary Investments

Apogem’s real assets team has underwritten a broad range of natural resources secondaries transactions, further enhanced by leveraging Apogem’s dedicated private equity secondaries team.

Private real assets secondary investments may include GP solutions (e.g., single or multi-asset continuation vehicles, fund restructurings) and LP solutions (the purchase of one or more LP portfolio(s)).

We typically seek the following attributes in our real assets secondaries:

• Quality assets and / or portfolios, typically acquired at a significant discount to NAV
• High visibility into underlying assets
• Exposure to trusted sponsors with specialized expertise

Primary Fund Investments

Apogem has significant experience underwriting and committing to private real assets funds. Fund commitments are typically included in portfolios to enhance diversification and / or access a specific sector or market theme.

As a result of the challenging fundraising environment, we believe there is an opportunity to access the funds of leading natural resources investors that may otherwise be oversubscribed or closed to new investors.

We typically seek the following attributes in our real assets primary fund investments:

• Fund investments with managers that are sector specialists typically raising <$1 billion
• Trusted sponsors with specialized expertise