Spire USA ROC III (AUD)

The Fund obtains exposure to this strategy via its investment in a collection of inter-related private equity real estate funds which provide an investment structure for the pooling of equity capital commitments from US and non-US investors to invest in US real estate (ROC III Program) (see Investment Structure below for further details). The ROC III Program will borrow debt from US banks or other sources, such as Freddie Mac or Fannie Mae, to enhance the equity returns to investors.