Disclosures
Disclosures for the Private Access Fund
ISG is committed to ensuring that it meets the continuous disclosure obligations of an unlisted disclosing entity under the Corporations Act and Regulatory guides as effectively as possible. ISG will use this webpage as a way to effectively and efficiently disclose new information, or changes/amendments relating to either the Responsible Entity or the Funds to all investors. It will follow the good practice guidance for website disclosure as set by ASIC. If the new information, or changes/amendments are deemed material in nature, a modified PDS or modified SPDS document will be created and communicated directly to investors via email.
If you have any questions on the disclosures and updates, please email ISG Funds Management at communications@isgfunds.com.au.
Click on the below links to view the related disclosure:
- ISG Private Access Fund – (ISG PAF)
- ISG Private Access Fund – SMP Class Units
- ISG Private Access Fund – NIVA Class Units
- ISG Private Access Fund – NIVA Plus Class Units
- ISG Private Access Fund – SCC Class Units
1. ISG Private Access Fund - (ISG PAF)
Sept 2018
The ISG Real Estate Investment Fund has been renamed as the ISG Private Access Fund. New Sub-Funds will be released under this Fund in 2019.
July 2019
Amendments to the PDS which is dated 5th July 2019. On page 22 the ‘total costs are $97,117.50 + GST for the entire fund’ has been removed from the table and added under section 7.4 Fund Expenses on page 23. ‘Per annum’ has also been added for further clarity. On page 23 in section 7.5 the Indirect Cost Ratio has been removed as this is already captured under Fund Management Costs. Please note there are no changes to the expected investor returns. The amendments made have been to add further clarity to the document.
Sept 2020
A number of minor changes have been made to the ISG PAF PDS document. Version 1.3 will be used going forward. Summary of the changes include: – New stylized front and back cover – Update of ISG Board Member details – Update of ORS Application bank account details – Update of KYC process details – Update PDS overview section – Update Corporate Directory list
Nov 2020
The ISG PAF PDS has been updated to v2 with the following changes: – Section 9.3. Reference to an annual report for the Fund being available from the ISG website has been removed. Quarterly project updates are distributed to all ISG REEF investors. – Section 9.5. Reference to the PDS being available from the ISG website has been removed. PDS are available upon request from an Authorised Representative. – Any reference to ‘ISG Authorised Representative’ has been replaced with ‘Authorised Representative’.
July 2021
The ISG PAF PDS has been updated to v2.2 with the following changes:
- Sections 1, 3, 5.1 and 6.9 (specifically under ‘Fund Structure Risk’) have been amended to highlight that there does remain a level of risk that selected investment opportunities may be indirectly impacted by other investment opportunities ‘to the extent that that they impact the Fund’s overall income’;
- Addition of new risk of Licence Risk (referenced in sections 2, 6.4, 6.5 and 6.8);
- Section 3 has been amended to address the concern regarding the ‘linked developments’, which now states ‘Certain investment opportunities, or stages or investment opportunities, may be specifically linked with other investment opportunities under other Funds, meaning that the performance of an individual investment may be impacted by the performance and net proceeds of the linked investment. If this is the case with your selected investment opportunity, you will be informed in advance’; and
- Section 6.8 now emphasises that ISG is not able to disclose the names of the third-party experts without consent. The ISG PAF PDS has been updated to v2.3 with the following changes:
- Sections 2 and 3 have been amended to refer the cash pool investors to section 5.3.1 of the PDS for further details of the withdrawal rights, returns and the investment period;
- Section 2 has been updated to change the minimum investment and additional investment amount
- Section 3 has been amended to regarding the ‘linked developments’, which specifies that ‘If this is the case with your selected investment opportunity, it will be detailed in the specific SPDS for the investment opportunity’;
- Sections 2, 6.4, 6.5 and 6.8 have been amended to remove ‘Licence Risk’ (as this risk has been detailed in the relevant SPDSs);
- Section 5.3.1 provides details and clarification on the cash pool units and details on how to become cash pool investors;
- Section 7.3 has been updated to state ‘no fees and costs are currently charged in relation to cash pool class of units’; and
- Section 7.4 has been updated to state ‘Expenses are not currently charged in relation to the cash pool class of units’.
July 2023
An announcement was communicated to all investors on the 3rd of July 2023.
2. ISG Private Access Fund - SMP Class B/C/D Units
Supplementary Product Disclosure Statement (SPDS) – Updates
July 2019
Amendments to SPDS which is dated 5th July 2019.
- On page 27 the total operating cost and expense figure was corrected from $94,117.50 to $97,117.50 and ‘per annum’ added for further clarity. Please note there are no changes to the expected investor returns as all calculations have been performed from the correct amounts.
June 2021
Amendments to SPDS, including further clarity around KYC process for investors, and the clarification on the determination of the Individual Investor Start Date.
July 2021
The SPDS has been updated to v1.4 with the following changes:
- Addition of new risk of Licence Risk (referenced in sections 1.1, 1.2, 7.1, 7.2 & 7.7)– Further details on Liquidity Risk (referenced in sections 7.5) and
- Further details when third party independent experts can be included in an SPDS, per the Corporations Act (referenced in section 7.8).
Aug 2023
A Material Change Notice was sent to investors of SMP Class B/C/D Units on the 17th of August 2023.
3. ISG Private Access Fund - NIVA Class Units
Supplementary Product Disclosure Statement (SPDS) – Updates
Nov 2020
The ISG PAF – NIVA SPDS has been updated to v6. Any reference to ‘ISG Authorised Representative’ has been amended to ‘Authorised Representative’.
July 2021
The ISG PAF – NIVA SPDS has been updated to v9.1 with the following changes:
- Section 1.1 has been amended to state that NIVA will hold the underlying assets of the NIVA Class Units and set out further in the diagrammatic illustration in section 7.3;
- Addition of new risk of License Risk (referenced in sections 1.1, 1.2, 8.1, 8.2);
- Sections 1.2, 2.6, 3.4, 8.4 and 11.7 have been amended in respect of the investment term and to detail that investment term may be extended due to delays in the return of capital;
- Sections 1.2, 3.4 and 8.4 have been amended to highlight the liquidity risk as well as direct amendment to the liquidity risk section;
- Section 6.1 has been amended to state ‘this detailed financial information is provided to assist ISG’s Investors to make informed decisions. In addition to this, ISG recommends that Investors obtain independent advice from a licensed financial adviser in conjunction with reviewing this SPDS.’;
- Section 6.5 has been amended to confirm the interest that Investors have in the Niva Class Units have in the Noble Life – Carindale development;
- Section 6.6 has been amended to confirm the interest that Investors in the Niva Class Units have in the Noble Life – Varsity Lakes development;
- Sections 6.7, 6.8, 6.9, 6.10, 6.11 and 6.12 have been amended to confirm the interest that Investors in the Niva Class Units have in the various elements of the New Norfolk development;
- Further details when third party independent experts can be included in an SPDS, per the Corporations Act (referenced in section 8.8);
- Sections 2.6, 3.4 and 11.7 discloses that the buyback of the NIVA REDPS is at the discretion of the NIVA directors (sections 2.6, 3.4 and 11.7);
- Section 2.6 has also been amended to clarify that the buyback of NIVA REDPS by NIVA is to be funded by the refinancing of debt facilities, in addition to its cash reserves or from the issue of new capital. This is to ensure that context is provided for the contributing drivers of the ‘Capital Return Risk’; and
- Section 13.14 has been amended to state ‘The role of the Custodian is to hold the assets of the Fund on trust’.
- The ISG PAF – NIVA SPDS has been updated to v9.2 with the following changes:
- Section 1.1 has been updated to fix a typographical error relating to ‘*’ in the explanation of fees and to correct a typographical error from ‘8.7’ to ‘8.6’;
- Section 1.2 has been updated to insert that ‘Income distribution for any extension period will be paid at 15.87% per annum’ in section 1.2 and to correct a typographical error from ‘8.5’ to ‘8.4’;
- Section 1.2 has been updated to change the minimum investment and additional investment amount
- Section 2.6 has been amended and now refers investors to section 9.2 for further details regarding the buyback of NIVA REDPS by NIVA (funded by the refinancing of debt facilities, in addition to its cash reserves or from the issue of new capital);
- References to ‘Noble Life – New Norfolk (MHE)’ have been updated to ‘Noble Life at the Mills’ throughout the SPDS;
- Section 6.5 has been updated to state ‘(already acquired)’ when referring to the Noble Life – Carindale project and to fix a typographical error to state ‘The total cost to construct (including land) will be $59.3m’ instead of ‘$52.7m’;
- Section 6.6 has been updated to state ‘(under contract)’ when referring to the Noble Life – Varsity Lakes project;
- Section 6.8 has been updated to state ‘(already acquired)’ when referring to the Noble Life at the Mills project;
- References to ‘the Commercial Precinct’ have been updated to ‘The Mills Marketplace’;
- Section 6.11 has been updated to state ‘(already acquired)’ when referring to the Mills Marketplace project;
- Section 6.11 has been updated to change a reference from ‘Commercial precinct’ to ‘Hotel’; and
- Section 8.1 was amended to correct a typographical error from ‘8.7’ to ‘8.6’.
Dec 2021
The ISG PAF – NIVA SPDS has been updated to v9.3 to update section 7.3 to amend the example annual fee from $4,217.42 to $4,400.00
4. ISG Private Access Fund – NIVA Plus Class Units
Supplementary Product Disclosure Statement (SPDS) – Updates
Dec 2021
Per SPDS section 3.2, the total value of NIVA REDPS Class A and NIVA REDPS Class B issued as of Dec 2021 is approx $46.1m.
Mar 2022
Per SPDS section 3.2, the total value of NIVA REDPS Class A and NIVA REDPS Class B issued as of Mar 2022 is approx $57.8.m.
Jun 2022
Per SPDS section 3.2, the total value of NIVA REDPS Class A and NIVA REDPS Class B issued as of Jun 2022 is approx $68.7.m.
Sep 2022
Per SPDS section 3.2, the total value of NIVA REDPS Class A and NIVA REDPS Class B issued as of Sept 2022 is approx $68.7m.
5. ISG Private Access Fund – SCC Class Units
Supplementary Product Disclosure Statement (SPDS) – Updates
Aug 2021
The ISG SCC SPDS has been updated to include the addition of a new risk in the risk section (Licence Risk).
A.C.N. 114 733 569 Limited is the holder of the Australian Financial Services Licence no. 290328 (currently not taking on new investors). It is the Responsible Entity for the ISG Real Estate Equity Fund (ARSN 618 548 780) and the ISG Private Access Fund (ARSN 618 548 333). Although the Australian Securities and Investment Commission (ASIC), has provided a licenses to the above ISG entities, you should be aware that ASIC neither endorses, supports nor approves of any information, claims, products or services provided by ISG and/or its agents or representatives.
The Target Market Determinations (TMD) for all ISG investment products are freely available to the general public and can be requested by emailing communications@isgfunds.com.au
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