Is this the least crowded opportunity in the market today?

Fifth Estate Asset Management are launching a fund because they believe it is
The Rules of Investing

Livewire Markets

In the world of investing, listed markets dominate the airwaves due to their ease of access, broker coverage and liquidity. For that reason, unlisted shares can often take a back seat.

But companies aren’t born on the listed markets. Many of the best opportunities exist in the unlisted, pre-IPO space.

Today’s guest on The Rules of Investing is Dane Roberts – a portfolio manager at Fifth Estate Asset Management. Fifth Estate invest in pre-IPO, IPO, unlisted and listed microcap and small cap companies. Its first fund was launched in 2021 and it has delivered 13.29% since then – impressive considering the extreme volatility of that period. That fund’s closed to new investment, but they’re about launch their second fund with much the same strategy.

In today’s episode, we discuss:

  • what it takes to invest in unlisted companies; 
  • how they compare to their listed peers; 
  • the outlook for unlisted stocks; 
  • and why now could be the perfect time to invest at the pre-IPO stage. 

Note: This interview was recorded on Friday May 5, 2023. 

Dane Roberts, Portfolio Manager at Fifth Estate Asset Management



  • 1:49 - Birds-eye view of pre-IPO and IPO
  • 4:00 - Liquidity in unlisted markets
  • 6:00 - Debt vs equity
  • 10:30 - The perfect time to put money to work
  • 12:45 - Finding and filtering unlisted companies
  • 15:30 - How unlisted assets are priced
  • 18:40 - When should a company list?
  • 22:20 - A company storming towards IPO
  • 27:20 - Fund 2
  • 30:24 - In it for the long haul
  • 33:00 - Monetary policy on the street
  • 35:40 - The comeback kid (ASX: NXT)
  • 38:45 - An infrastructure company surrounded by moats
Livewire gives readers access to information and educational content provided by financial services professionals and companies ("Livewire Contributors"). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

1 stock mentioned

The Rules of Investing
Livewire Markets

The Rules of Investing is one of Australia's top investing podcasts. We interview the leading investment minds from Australia and overseas to better understand their processes and philosophy. After launching in October 2017, there have been over...

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.


Please sign in to comment on this wire.

trending on livewire
Get the best of Livewire by signing up to our popular daily newsletter