Investment Memorandum · Wholesale investors
Asymmetric Returns Fund
A fund built to move quickly on specific, smaller opportunities where the potential upside is disproportionately greater than the assessed risk.
- Established
- April 2026
- Structure
- Multi-class unit trust
- Investors
- Wholesale only
- Trustee
- Wahl Citadel Pty Ltd, AFSL 565935
Investment strategy
Lower risk for anticipated high reward.
The fund captures opportunistic investments that would not be economic, or available at all, if a standalone fund were set up for each one. It gives investors a fast, efficient way into opportunities that may otherwise be out of reach.
Venture-to-private-equity gaps
Venture-backed companies moving into a growth phase often need modest capital injections that their existing venture investors are restricted from providing.
Co-investment invitations
Opportunities shared through Wahl Citadel's relationships with other fund managers, where those managers' mandates limit how much they can invest.
Bespoke listed opportunities
Specific listed company and other opportunities that become available from time to time and are assessed as able to generate asymmetric returns.
How the fund works
One fund. A separate Class for every opportunity.
- 01
An opportunity is identified
Wahl Citadel sources and assesses a specific, generally smaller and typically short-dated opportunity against the fund's objectives.
- 02
A new Class is offered
Invited investors receive Specific Opportunity Information setting out the commercial terms, key features and risks of that one investment.
- 03
You choose what to back
Each Class is segregated, so investors are only exposed to the performance and risks of the investment their Class relates to.
Limited capital, short response times
Opportunities are offered first to investors who have told us they want to see deals of this kind and can move quickly. Some will need to be applied for and funded within a short window, and invitees who don't respond in time will miss out.
Fees
Simple, aligned fees.
Proposed fees for each Class. Wahl Citadel may set different fees for a particular Class, which will be disclosed in its Specific Opportunity Information. Fund operating costs are paid from the fund.
- 1%
- Establishment fee
- 1% p.a.
- Management fee
- 25%
- Performance fee on the increase in value
Track record
Wahl Citadel funds have performed above their targeted returns.
$1.00 → $8.03
Wahl Citadel SRA Fund
Unit price since establishment in July 2023
4–5×
Wahl Citadel Montem Fund
Money returned to investors after the June 2025 settlement
$1.00 → $2.41
Wahl Citadel SRA Second Fund
Unit price since establishment in October 2024
2×+
Wahl Citadel Precision One Fund
Value has more than doubled since inception
Figures are for other Wahl Citadel funds as stated in the Investment Memorandum, not the Asymmetric Returns Fund. Past performance is not a reliable indicator of future performance.
The team
Decades of raising, investing and exiting.
Stephen Sedgman
Founder of top-performing wealth management businesses, including Pilgrim Private and the Erudition Global Focus Fund.
Jason Nagy
20 years in technology and 7 years in health sector M&A, with profitable exits across IT and health ventures.
Mark Pitcher
25 years of CFO and C-suite leadership, taking fast-growth companies through to IPO and successful exits.
James Dickson
30 years as a corporate and commercial lawyer advising on M&A, capital raisings, funds management and securities law.
Key risks
Understand the risks before you invest.
A summary only. The Investment Memorandum sets out the full risks, and each opportunity will carry its own.
Concentrated exposure
Each Class holds a single investment and is not diversified. Its value depends entirely on that investment.
Limited due diligence
Opportunities are often assessed quickly, on incomplete information, and may rely on another manager's diligence.
Minority, terms-taker position
The fund typically invests as a non-controlling investor on terms set by lead investors or issuers.
No guaranteed return
Neither a return of capital nor any target return is guaranteed.
Get the Investment Memorandum
Read the full Investment Memorandum.
Enter your details and we'll email you a copy.
- How the multi-class structure works
- Investment strategy and Wahl Citadel's role
- Fees, costs and distributions
- Full risk disclosure and tax information
- How to apply
Important information. This page is issued by Wahl Citadel Pty Ltd (ACN 663 558 709, AFSL 565935), trustee of the Wahl Citadel Asymmetric Returns Fund. It is general information only and is intended for wholesale clients within the meaning of the Corporations Act 2001 (Cth). It does not take into account your objectives, financial situation or needs and is not an offer of units. Offers are made only under the Investment Memorandum, which is not a disclosure document lodged with ASIC. You should read the Investment Memorandum and any Specific Opportunity Information and obtain independent legal and financial advice before deciding whether to invest. A return of capital is not guaranteed and nor are any target returns.