Funds Under Management – September 2021

Tacoma // Denver // Sydney // Melbourne

ASX ANNOUNCEMENT

29 October 2021

Funds under management as at 30 September 2021

Pacific Current Group Limited (ASX:PAC), a global multi‐boutique asset management firm, is pleased to announce that total Funds under Management (FUM) controlled by boutique asset managers within Pacific Current Group increased 5.5% during the quarter ended 30 September 2021 to A$150.1b.

Highlights from the quarter include the following:

• While equity markets generally declined during September quarter, FUM grew 5.5%;
• Strong inflows at GQG, Victory Park, Roc and EAM contributed to higher FUM;
• In native currencies, USD‐oriented fund managers saw FUM increase by 1.9%. When converting to AUD, the increase was enhanced by the depreciation of the AUD against the USD

FUM flows and balances as at 30 June 2021 and 30 September 2021, by boutique tier and category, are shown in the Appendix attached.

Pacific Current CEO, Paul Greenwood, stated, "Despite the slight decline in equity markets, aggregate FUM grew on the strength of noteworthy inflows into GQG, Victory Park, EAM and Roc." Mr. Greenwood added, "We are pleased with the breadth of growth we are seeing across the portfolio and expect it to continue well into 2022."

Other Considerations

The relationship between the boutiques' FUM and the economic benefits received by PAC can vary dramatically based on factors such as:

• the fees charged by each boutique on the assets it manages;
• The varying size of PAC's ownership interest in each boutique; and
• the unique economic terms negotiated between PAC and each boutique including the manner in which PAC expects to realize value from its investment.

Accordingly, PAC cautions against simple extrapolation of PAC's projected results based on FUM trends.

AUTHORISED FOR LODGEMENT BY:

Paul Greenwood

Managing Director & Chief Executive Officer and Chief Investment Officer

‐ENDS‐

Pacific Current Group Limited (ABN 39 006 708 792)

Suite 3, Level 3, 257 Collins Street, Melbourne VIC 3000 Australia

www.paccurrent.com

Tel: [phone]

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CONTACT

For Investor & Media enquiries:

• Paul Greenwood ‐ Managing Director & CEO and CIO

1. [e-mail]

1. ([phone]

ABOUT PACIFIC CURRENT GROUP

Pacific Current Group Limited is a multi‐boutique asset management firm dedicated to providing exceptional value to shareholders, investors and partners. We apply our strategic resources, including capital, institutional distribution capabilities and operational expertise to help our partners excel. As of 29 October 2021, Pacific Current Group has investments in 15 boutique asset managers globally.

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Appendix

Funds Under Management - 30 September 2021

FUM by Pacific Current Group boutique manager in reporting currency

	Open End	Closed End	Total FUM as at	Total FUM as at
$m	30 June 2021	30 September 2021	30 June 2021	30 September 2021
30 June 2021	30 September 2021
	Beg FUM	Ending FUM	Beg FUM	Ending FUM1
Tier 1 ‐ Boutiques reporting in USD
Aether	‐	‐	1,536	1,536	1,536	1,536
Carlisle	1,343	1,245	979	1,085	2,321	2,329
GQG	84,735	85,797	‐	‐	84,735	85,797
Proterra1	‐	‐	3,639	3,826	3,639	3,826
Victory Park2	‐	‐	3,552	3,996	3,552	3,996
Total Tier 1	86,078	87,042	9,706	10,442	95,784	97,484
Tier 2 ‐ Boutiques reporting in USD		‐		‐
Astarte3	‐	‐	339	317	339	317
Blackcrane	459	436	‐	‐	459	436
CAMG	‐	‐	‐	‐	‐	‐
EAM	1,570	1,722	‐	‐	1,570	1,722
Pennybacker1	‐	‐	2,103	2,172	2,103	2,172
SCI	‐	‐	‐	‐	‐	‐
Total Tier 2	2,029	2,158	2,442	2,489	4,471	4,647
FUM (USD) ‐ Boutiques reporting in USD	88,106	89,200	12,148	12,931	100,254	102,131
FUM (AUD) ‐ Boutiques reporting in USD	117,551	123,403	16,208	17,889	133,759	141,292
Tier 2 ‐ Boutique reporting in AUD
Roc	‐	‐	8,515	8,771	8,515	8,771
Total FUM (AUD) ‐ PAC Boutiques	117,551	123,403	24,723	26,661	142,274	150,063

1. FUM for Proterra Investment Partners and Pennybacker Capital Management represent regulatory FUM from one quarter in arrears.
2. Victory Park Capital has sponsored multiple Special Purpose Acquisition Companies (SPACs). SPACs do not represent funds under management, but rather may economically benefit Victory Park through enhanced performance fees generated from the vehicles/funds managed by Victory Park that provide risk capital to the SPACs.
3. Astarte FUM represents aggregate FUM of funds managed by companies in which Astarte has an interest as well as the unallocated committed capital from funds managed by Astarte.

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FUM by Pacific Current Group Tier 1/Tier 2 Classification in AUD

1. For Closed End funds, Net Flows only includes additional capital commitments. Distributions to limited partners of Closed End funds will be reflected as reduction in Net Asset Value, which is included in the 'Other' category for PAC reporting.
2. Other includes investment performance, market movement and distributions.
3. The Australian dollar weakened against US dollar during the quarter. The AUD/USD exchange rate was 0.7495 as at 30 June 2021 compared to 0.7228 as at 30 September 2021. The Net Flows and Other items are calculated using average rates.

Tier 1 Boutique is a term used to describe an asset manager that PAC expects to produce at least an average of AUD 4m of annual earnings for PAC over the next three years, while a Tier 2 Boutique is one that PAC expects will contribute less than this amount. Although there is no guarantee any Tier 1 boutique will meet this threshold, this categorisation is intended to provide insight into which boutiques are expected to be the most economically impactful to Pacific Current Group

Open‐end is a term used to indicate funds under management that are not committed for an agreed period and therefore can be redeemed by an investor on relatively short notice. Closed‐end is a term used to denote funds under management where the investor has committed capital for a fixed period and redemption of these funds can only eventuate after an agreed time and in some cases at the end of the life of the fund.