New Pre-IPO Fund Requires $100,000 Minimum
The new Perennial Marquee Fund offers private equity exposure to investors willing to commit at least $100,000 for two years.
Updated on Oct. 16, 2026 in Investing
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Perennial Partners has launched a new investment fund targeting private, pre-IPO companies in the United States and global markets. This open-end fund requires a minimum investment of $100,000 and comes as the firm plans to wind up three of its existing responsible investment funds.
Why it matters
The fund seeks to offer investors exposure to high-growth private firms while Perennial Partners simultaneously pivots away from responsible investment funds that failed to achieve required scale. This move highlights the firm's strategic focus on private equity-style opportunities over its previous impact-focused offerings.
The new fund mandates a $100,000 minimum investment and charges a 2% annual management fee plus a 20% performance fee on returns exceeding a 6.5% hurdle. The fund aims for a 15% annual return before fees, with quarterly redemptions capped at 5% of units.
The players
Perennial Partners
An asset management firm providing investment funds and recently expanding its reach through infrastructure acquisitions.
The details
The fund is structured as an open-end investment that provides access through co-investments, direct deal access, and private broker desks. Investors face a two-year lock-up period before being eligible for quarterly redemptions. The portfolio is designed to hold 20 to 30 private companies globally, moving the firm deeper into private market accessibility.
Timeline
September 2026 marks the month Perennial Partners acquired 4D Infrastructure.
11 December 2026 is the scheduled date for the fund's first close.
Money Landscape
This development aligns with a growing institutional trend of prioritizing private market access over traditional responsible investment mandates. The move reflects a broader strategic pivot by asset managers looking to capture growth in pre-IPO equity while consolidating underperforming product lines.
Prospective investors must weigh the $100,000 minimum entry against the two-year liquidity lock-up and the performance-fee structure. Before committing capital to this or similar high-growth vehicles, consult with a qualified financial professional to review your portfolio's liquidity needs.
The takeaway
This fund launch offers a gateway into private equity, provided investors are comfortable with a two-year lock-up and higher fee structures. Evaluate the fund's 6.5% hurdle rate and 15% target return against your personal long-term financial goals and risk tolerance.
What happens next
Investors interested in the fund should mark 11 December 2026, which is the scheduled date for the initial $200 million fundraising target close.
Further reading
For broader insights on market trends, visit our Investing section.
Source note: This article includes information reported by Financial Standard.
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