Good evening,

The champagne corks are popping for investors riding the IPO wave, but a grimmer reality awaits those holding pre-IPO funds from the booming 2020 and 2021 vintages.

That’s the lesson we took from Perennial Partners, which put out a score of quarterly fund updates for its five private investment funds. These funds invest across private growth, pre-IPO, IPOs and ASX-listed placements.

Perennial’s Private to Public Evergreen Fund, dubbed PPP+, which launched in September, knocked it out of the park, returning 12.8 per cent since inception, thanks to participation in the Virgin Australia IPO. The manager told investors it had made a quick 15 per cent from Virgin, already finding the exit.

But Perennial’s first fund, Private to Public Opportunities (PPP1), didn’t spark joy last financial year.

Read the full story tomorrow and more on the Street Talk page.

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Corporate advisory boutiques Greenhill Australia and Record Point have been appointed to explore strategic options for aged and disability care platform Mable.

The Australian sharemarket edged lower on Monday after having moved between gains and losses for much the day, as investors digested US President Donald Trump’s latest tariff threats on trading partners.

Click here for the latest equity market wrap.