From Market Entry to Conditional Mandate
Supporting a global alternative manager through Australia and New Zealand’s institutional allocation process
The context
Australia and New Zealand are among the most sophisticated institutional investment markets globally. Access is consultant-led, decision cycles are long, and competition is intense. For offshore managers, success depends less on early interest and more on sustained credibility, governance, and disciplined engagement over time. E Fund Management sought to establish a long-term institutional presence in Australia and New Zealand within a highly competitive global and emerging market equity landscape. While the firm had scale, capability, and a strong home-market position, success in ANZ required local licensing, consultant engagement, and the ability to navigate a complex institutional decision process.
Why they worked with Wealth of Nations
E Fund recognised early that the ANZ institutional market could not be approached opportunistically. They worked with Wealth of Nations because of our recognised expertise acrossprivate and public market alternatives, deep experience working with asset consultants and institutional asset owners, and our ability to manage long, multi-stage engagement cycles through to formal investment decision points. Wealth of Nations provided licensed, on-the-ground representation and a structured engagement framework designed to build credibility progressively, rather than relying on opportunistic meetings or short-term outcomes.
A 12-month institutional engagement programme
The mandate engagement evolved over approximately twelve months, progressing through a series of deliberate and interlinked phases. Each phase was designed to reduce execution risk, build institutional familiarity, and move E Fund forward within the formal allocation ecosystem.
Our role and approach
(First 12 weeks) The initial focus was on ensuring E Fund entered the ANZ market properly prepared and institutionally compliant. Keys activities included:● Initiating, facilitating, and supporting an Australian licensing exemption to enable compliant institutional engagement ● Conducting a competitive landscape review across global and emerging market equity peers ● Finalising an ANZ-specific engagement and marketing strategy ● Refining investment and marketing materials to align with Australian and New Zealand institutional expectations This phase ensured E Fund entered the market licensed, correctly positioned, and competitively framed.
(Ongoing across the year) Recognising the gatekeeper role of asset consultants, engagement was prioritised accordingly. Consultant engagement included structured discussions and ongoing coordination with leading firms, including JANA, Frontier, Mercer, and Cambridge. These engagements focused on positioning, research alignment, and responding to consultant information and review requirements. In parallel, institutional investor engagement extended across:● Institutional asset owners ● A broader universe of asset managers ● Family offices, endowments, and private wealth firms Engagement was deliberately sequenced and sustained, allowing familiarity and confidence to build over time.
To deepen market presence and understanding, Wealth of Nations coordinated multiple in-market engagements. This included:● Multiple Australian roadshows, including five-city and four-city formats ● New Zealand roadshows and two-city tours ● Multi-investor virtual calls across both markets These engagements reinforced consistency, accessibility, and responsiveness, all critical signals for institutional allocators.
(Investor-led) When a large Australian government investor initiated a formal RFP process, Wealth of Nations supported E Fund end-to-end. The process was highly competitive, involving more than 120 applications. E Fund participated within the “go anywhere” global equity category. Support included:● Advising on strategy positioning and proposal structure ● Supporting fee and performance presentation ● Managing two rounds of shortlisting and panel processes ● Coordinating asset consultant investment due diligence with Frontier ● Anticipating and initiating Mercer operational due diligence ahead of formal request E Fund was ultimately awarded a Mercer Green Rating, the highest consultant assessment for operational due diligence.
Mandate Timeline summary
Engagement duration: Approximately 12 months Scope: Market entry and licensing support, consultant engagement, institutional investor engagement, roadshows and multi-investor calls, RFP execution, and institutional due diligence coordination.
(E Fund – Alternatives Case Study)
01
Market Entry and Institutional Readiness
Duration: ~12 weeksLicensing exemption support, competitive landscape review, and preparation of institution-ready positioning for the Australian and New Zealand market.
02
Institutional Engagement and Market Presence
Duration: ~6–9 monthsSustained institutional engagement through Australian and New Zealand roadshows and multi-investor calls, building familiarity and confidence over time.
03
Consultant Engagement and Research Alignment
Duration: Ongoing, ~9–12 monthsStructured, ongoing engagement with leading asset consultants, aligning strategy, materials, and responses to formal research and review frameworks.
04
Formal RFP and Due Diligence
Duration: ~12 monthsEnd-to-end support through a highly competitive government RFP, including shortlisting rounds, consultant investment due diligence, and operational review.
05
Conditional Mandate Outcome
Duration: Decision phase, 0–24 monthsConditional mandate awarded, subject to final approvals, following consultant assessment and institutional panel review.
Outcome
Following the completion of consultant reviews, due diligence, and institutional panels, E Fund was awarded a conditional mandate, subject to final approvals. The outcome reflected not a single meeting or event, but the cumulative impact of disciplined preparation, sustained engagement, and alignment with institutional decision-making frameworks.
