PAC Capital funds frozen after articles trigger run
Four funds run by Sydney’s PAC Capital – which promotes itself as a world leader in computer games investing and claimed to have more than $400 million under management – have been frozen after a run of withdrawals.
Macquarie also said it had stopped accepting investments for two of the funds through its financial advisers while “further due diligence is taken”.
Equity Trustees, which provides a financial licence to PAC Capital, notified investors on Monday that it had stopped accepting withdrawal requests for a feeder fund used to access four of the company’s international funds.
PAC Capital owner Clayton Larcombe in a promotional video published last December. YouTube
“Due to a significant increase in redemption requests following recent media reports, all applications and redemptions eligible for the 7 August 2023 Net Asset Value date and onwards will not be accepted for processing,” Equity Trustees said in a note to investors.
“We believe these steps are necessary to protect the interests of all investors in the Fund while we determine the next steps.”
The decision is a blow to PAC Capital, a five-year-old asset manager that removed fund performance reports from the internet after The Australian Financial Review reported unusual swings in one fund and inconsistencies in owner Clayton Larcombe’s employment and academic records.
Mr Larcombe, 37, didn’t immediately respond to a request for comment. Nor did directors of a country Victorian accounting firm, DMG Partners, which late last week said they were pulling their sizeable investments from two of the funds, including PAC Capital’s signature computer-gaming fund.
The latest public reports for the four funds where Equity Trustees has stopped accepting withdrawal
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