A lot to take in in this one, any thoughts?

Seek to Transfer A$1.22 Billion of Assets to Growth Fund

11/08/2021  9:05AM

By Stuart Condie

SYDNEY--Seek Ltd. will transfer the bulk of its investments to a new independent fund in a move that the online employment marketplace said should increase capital access for its early stage ventures.

The ASX-listed firm said it would transfer assets independently valued at 1.22 billion (US$896.7 million) to the Seek Growth Fund, which will be led by former chief executive Andrew Bassat. The assets comprise Seek's holdings in Online Education Services and 14 early stage ventures.

The fund plans to raise another A$460 million to fund future investments, Seek said. Seek will invest A$200 million and the fund will target the remainder from other investors.

Seek said it expects to own about 85% of the fund after the capital raise. The fund will operate independently and collect fees for managing Seek assets including its stake in Chinese jobs portal Zhaopin.

Disc: I hold in real portfolio