Time to deploy, page-5

Capital raising are dependent on a lot of factors, market sentiment, marketing activities, strength of the manager and appeal of the product etc. I think that Tribecca were a bit soft on the marketing side, could have been much better. They are not particularly well known as fund managers in the broader context. They need to do more on market engagement. In addition, L/S resources is a pretty niche strategy. Was never going to get hundreds of millions like a broader Australian of global strategy was.

LIC raisings generally have softened a bit since the L1 debacle. We've have a recent run of softer raisings (Gryphon, Spheria) and failures (PM Capital PTRACKERS, Firetrail), whch has taken the gloss off LICs a bit for some.

Ultimately, while I would have preferred to see them raise more, it doesn't change Tribecca's investment strategy.