The Global Public Offering Fund

The Global Public Offering Fund (GPO) is being formed to disrupt the global capital markets by taking companies public globally.

Our Thesis

We believe there is a coming decentralization of the global capital markets and that there is an immediate opportunity to use public offerings on non-U.S. exchanges as the preferred path to unicorn status for North American tech companies.

The GPO Fund invests in companies with a $100 to $200 million private valuation that can substantially benefit from (i) going public globally within 12 months, (ii) gaining the support of a global syndicate of investors, (iii) simplification of the capital structure via public listing, (iv) operational expansion outside the U.S., especially in fast growing Asia-Pacific, and (v) enhanced credibility, liquidity and flexibility achieved as a publicly listed company.

Long term, we believe that blockchain-based technologies will evolve the global capital markets and create new paths for capital raising, liquidity and governance.

Opportunity

GPO Fund Thesis Icon for Scale Opportunity

The U.S. IPO Market is Broken.

Structural changes in the late 1990s all but ended the IPO opportunity for small cap growth companies.

Meanwhile, over the last 20 years there have been massive integration of capital markets outside the U.S. The recent proliferation of cryptographic blockchains will only accelerate this interconnectedness and create new paths for capital formation, liquidity and governance.

This interconnectedness is underappreciated by U.S. investment firms. We believe there is an immediate opportunity to leverage exchanges in other parts of the world to power growth stage North American technology companies to unicorn status.

GPO Fund Thesis Icon for Our Expertise, Capability & Network

International Wealth is Being Created on a Massive Scale.

Over the last 20 years there has been massive wealth creation outside the U.S. The forces of globalization, industrialization, urbanization and digitization have combined with an embrace of market economics to empower a new class of investor.

This wealth creation is particularly dramatic in the Asia-Pacific region, a region representing more than half the world's population as well as 22 of the world's 37 megacities.

While middle class wealth in the U.S. and Europe has remained stagnant, wealth in the middle class in the Asia-Pacific region has been growing rapidly.

GPO Fund Thesis Icon for Securities Regulatory Regime

APAC Capital Markets are Growing Fast!

In contrast to the U.S., listing volumes have increased significantly in the Asia-Pacific region. Investment banking, brokerage, and research infrastructure is healthy and supportive. Listing of foreign firms on regional exchanges has become increasingly common and the cross-border expertise required to support the process is in place.

Even better, in these regions there is a scarcity of publicly listed technology firms and investors are consequently underweighted in the critical technology sector. This is especially true of index investors. For example, the Hang Seng Index is comprised of 50 stocks and only three are technology firms. Similarly, the Australian Stock Exchange is heavily weighted to financials and mining.

GPO Fund Thesis Icon for Incentives, Transparency & Governance

The Opportunity for Global Public Offerings.

Our research shows there is an immediate opportunity to leverage Asia-Pacific exchanges as a superior path to unicorn status for North American growth companies. With a particular focus on firms with private market capitalizations in the $100 to $200 million range, we believe significant value can be created via an international public offering.

Our due diligence with Asia-Pacific public equity market participants i.e. regulators, exchanges, institutional investors, asset owners, investment bankers, and cross-border legal, accounting and tax specialist etc. has shown that there is robust market interest for public listing of high quality US growth firms.

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Our Team

GPO Fund Team Member - Jeff Stewart
LinkedIn Account

Jeff Stewart

Managing Director

Jeff Stewart is a serial entrepreneur, inventor and investor specializing in internet-enabled high-growth businesses. He is the Founder and Chairman of Singapore based FinTech pioneer, Lenddo.

Lenddo is the world’s first online service that empowers the emerging class to use their digital footprint to build their creditworthiness and access financial services.

Mr. Stewart is also Founder, former CEO of Mimeo.com, a state-of-the-art, Internet-based document production service included in the 2004 and 2005 Inc. 500 lists of the fastest growing companies. In 2014, Lenddo was recognized by the World Economic Forum as a Technology Pioneer, and Jeff was recognized as the William F. Glaser Rensselaer Entrepreneur of the Year.

Key Compton

Managing Director

Key Compton is a serial entrepreneur with expertise in enterprise software systems, big data, machine learning and network analysis.

Key founded NexGraph, a data science firm acquired by LivePerson, XGraph, a data science ad-tech platform acquired by Oracle via AddThis, SoundSpectrum, a consumer software firm creating music visualization software, Mimeo, a venture-backed technology platform for content management and distribution and Solbright, an enterprise systems acquired by Operative / SintecMedia.

Key holds an MBA from Columbia University and the London Business School and a BA in Economics and English from the University of Vermont.

GPO Fund Team Member - Key Compton
LinkedIn Account
GPO Fund Team Member - Key Compton
LinkedIn Account

Key Compton

Managing Director

Key Compton is a serial entrepreneur with expertise in enterprise software systems, big data, machine learning and network analysis.

Key founded NexGraph, a data science firm acquired by LivePerson, XGraph, a data science ad-tech platform acquired by Oracle via AddThis, SoundSpectrum, a consumer software firm creating music visualization software, Mimeo, a venture-backed technology platform for content management and distribution and Solbright, an enterprise systems acquired by Operative / SintecMedia.

Key holds an MBA from Columbia University and the London Business School and a BA in Economics and English from the University of Vermont.

GPO Fund Team Member - Stuart Nutting Compton
LinkedIn Account

Stuart Nutting

Managing Director

Stuart Nutting was a former Managing Director of UBS Investment Bank in the Global Equities business. Stuart was an Executive Director of the Commonwealth Bank of Australia where he was Head of Equities and acting Head of Commonwealth Australia Securities LLC, its US Broker Dealer, with full regulatory responsibility for Equities, Fixed Income and US Private Placements.

Stuart was also Managing Director at Royal Bank of Scotland in Stamford, CT specializing in Equities Research Sales of Australian securities in the US. Stuart also consulted for the Australian Agricultural Company board - the world's largest luxury wagyu beef producer (ASX: AAC), refining their investor engagement strategies. Stuart is an expert in Global Capital Markets and Liquidity.

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