Ellerston Capital

What Ellerston Capital does

Ellerston Capital Limited is a Sydney-based, privately held specialist fund manager founded in 2002 and majority owned by its principals and employees. The firm operates across a broad product surface spanning Australian equities (micro-cap, emerging leaders, mid-cap, equity income, 2050 thematic), international equities (global mid-small cap, India, Asia ex-Japan), alternatives (Australian absolute-return, global equity long-short managers), fixed income, listed investment companies (Morphic Ethical Equities Fund on ASX:MEC, Ellerston Asia Growth Fund Complex ETF on ASX:EAFZ) and private assets (Ventures, JAADE Private Assets, Pre-IPO, Industrial Growth). It also offers Significant Investor Visa funds tailored to Australian migration-linked investors.

Ellerston's client base spans high net worth investors, family offices, sovereign wealth funds, industry and corporate superannuation funds (including Qantas Super and CEFC cornerstones in the 2050 Fund), and international institutional funds. Distribution operates through direct institutional sales, a financial-adviser (IFA) national account team, ASX-listed vehicles for retail, and a digital content-marketing engine (newsletter, webinars, Livewire/AFR earned media). Revenue is generated primarily through management fees on funds under management across the active strategies, with performance fees on selected absolute-return and long-short structures; specific fee schedules are not publicly disclosed.

The firm's strategic positioning centers on deep fundamental research, concentrated high-conviction portfolios, and an alignment-of-interest ownership model. Recent strategic moves include the announced acquisition of Winning Appliances (a century-old Australian whitegoods retailer, announced February 2026), participation in AI-infrastructure investee Firmus Technologies' $330M funding round (achieving unicorn status at $1.9B in September 2025), and a multi-year team buildout — most notably Vimal Gor as Head of Fixed Income & Multi-Asset (May 2024). The firm holds PRI signatory status and has received independent ratings including SQM Superior (4.25 stars), Lonsec Recommended and Zenith Recommended.

Name

Ellerston Capital

Legal name

Ellerston Capital Limited

Website

https://ellerstoncapital.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

51–100 employees

Short description

Ellerston Capital is a Sydney-based, privately held specialist fund manager founded in 2002, managing active strategies across Australian and global equities, alternatives, fixed income, listed investment companies and private assets for institutional, family office, HNW and advised-retail investors.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAAABAD

Advisory Portfolio Management (Non-Discretionary)

Financial & Insurance/Asset & Wealth Management/Private Banking & HNW/UHNW Wealth Management

SECONDARYFSAAACAG

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions)

Financial & Insurance/Asset & Wealth Management/Registered Investment Advisors (RIAs) & Independent Wealth Managers

SECONDARYFSAHAAAA

Fundamental/Discretionary Equity Long/Short

Financial & Insurance/Hedge Funds & Alternative Investments/Hedge Funds — Equity Long/Short

Keywords

• Asset management services
• Investment fund management
• Active equity management
• Private equity funds
• Fixed income funds

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: Ellerston Capital generates revenue through management fees charged on funds under management across its range of investment strategies, including Australian equities, global equities, Asian equities, long-short equity, fixed income, and private equity strategies.
2. Performance Fees: Some Ellerston funds may carry performance fees aligned with investment returns, consistent with standard alternative and absolute return fund structures.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Ellerston Capital is a specialist fund manager that has been actively managing client money since 2002 across long-only Australian, global and Asian equities, Australian and global long-short equity, fixed income, and private equity strategies. The firm distributes funds via direct institutional sales, the IFA channel, and ASX-listed products, charging management fees and performance fees on funds under management.

Product overview

Ellerston Capital operates as a specialist investment manager offering a diversified portfolio of actively managed investment funds. The product suite spans multiple asset classes including Australian and global equities (from micro-cap to large-cap), Asian equities, fixed income, and private assets. The funds are organized by strategy type: Australian Equities (Emerging Leaders, Micro Cap, Mid Cap Opportunities, Equity Income KIS, 2050 Fund), International Equities (Global Mid Small Cap, India Fund, Asia Growth Fund Complex ETF), Listed Investment Companies (Morphic Ethical Equities Fund), Private Assets (Industrial Growth, JAADE Private Assets, Pre-IPO, Ventures), and Alternatives (Australian Absolute Return Fund, Global Equity Managers Fund). Most funds are actively managed with benchmark-independent approaches targeting specific market segments and investment themes.

Differentiator

Problem solved

Functional benefit

Brands

• Ellerston Australian Absolute Return Fund: Returns uncorrelated to traditional asset classes with a strong focus on capital preservation.
• Ellerston Global Equity Managers Fund
• Ellerston Australian Emerging Leaders Fund
• Ellerston Australian Micro Cap Fund
• Ellerston Equity Income KIS Fund
• Ellerston 2050 Fund
• Ellerston Asia Growth Fund Complex ETF
• Ellerston Global Mid Small Cap Fund
• Ellerston India Fund
• Ellerston JAADE Australian Private Assets Fund
• Ellerston Pre-IPO Fund
• Ellerston Ventures
• Ellerston Industrial Growth
• Morphic Ethical Equities Fund (ASX: MEC)

Products and services

• Ellerston Australian Absolute Return Fund An Australian market-neutral absolute return strategy focused on capital preservation, offering returns uncorrelated to traditional asset classes. Designed for institutional and wholesale investors seeking market-neutral exposure.
• Ellerston Global Equity Managers Fund A global long/short absolute return fund focused on high conviction ideas with compelling risk/reward profiles. Targets institutional and sophisticated investors seeking global long-short exposure.
• Ellerston Mid Cap Opportunities Fund A fund investing in genuine mid cap leaders, focusing on insights-driven opportunities in the Australian listed market. Designed for investors seeking active mid cap exposure.
• Ellerston Australian Emerging Leaders Fund An actively managed portfolio of Australian listed small cap companies with attractive growth prospects. Targets investors seeking exposure to emerging leaders in the Australian listed market.
• Ellerston Australian Micro Cap Fund An actively managed portfolio of Australian listed micro cap companies with attractive growth prospects. Targets investors seeking exposure to micro cap Australian equities.
• Ellerston Equity Income KIS Fund A fundamental bottom-up Australian equities strategy focused on delivering sustainable dividend income through an actively managed portfolio. Designed for income-focused investors.
• Ellerston 2050 Fund A fund focused on investing in listed and unlisted companies which actively help reduce carbon emissions, supporting the net-zero transition. Targets investors seeking climate-aligned active exposure.
• Ellerston Asia Growth Fund Complex ETF An actively managed concentrated portfolio of Asia ex-Japan listed companies with focus on capital growth and downside protection, available as unlisted fund or ASX quoted fund (ASX:EAFZ). Targets investors seeking Asia ex-Japan growth exposure.
• Ellerston Global Mid Small Cap Fund A fund investing in 20-40 securities with a global mid-small cap bias, focusing on global leaders in their markets with stronger growth than most businesses. Targets investors seeking global mid-small cap exposure.
• Ellerston India Fund An actively managed concentrated portfolio of high quality Indian growth companies. Targets investors seeking concentrated exposure to India's growth equity market.
• Ellerston JAADE Australian Private Assets Fund An Australian expansion/growth stage and pre-IPO investment fund operated as an open-ended unit trust. Targets investors seeking private market growth-stage exposure.
• Ellerston Pre-IPO Fund A fund providing exposure to pre-IPO investment opportunities. Targets sophisticated investors seeking access to private companies prior to listing.
• Ellerston Ventures A venture capital fund targeting early-stage investment opportunities. Targets investors seeking exposure to early-stage venture capital.
• Ellerston Industrial Growth A private assets fund focused on industrial sector growth investments. Targets investors seeking industrial growth private equity exposure.
• Ellerston Fixed Income Target Return Fund A fixed income strategy targeting returns with active management approach. Targets investors seeking actively managed fixed income exposure.
• Morphic Ethical Equities Fund (ASX: MEC) A listed investment company on ASX focused on ethical equities investing, screening for ESG and responsible investment criteria. Targets retail and advised investors seeking ethical ASX-listed active equities.
• Significant Investor Visa Funds Investment funds designed for the Australian Significant Investor Visa program. Targets migrant investors seeking compliant SIV investment pathways.

Quantifiable outcome

• Ellerston Equity Income KIS Fund delivered 9.71% p.a. since inception (May 2019 to September 2024), outperforming its S&P/ASX 200 Accumulation Index benchmark.
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• PoolwerxminorStrategic or Co-development Partner · 1 July 2022Ellerston Capital entered a strategic partnership with Poolwerx, the largest global franchise pool service brand, to drive business expansion in Australia and overseas. Ellerston is described as a strategic growth partner providing capital and support for innovative platforms.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Magellan Financial Group: ASX-listed Australian boutique active asset manager with global equities, infrastructure and Australian strategies serving institutional and retail clients; directly comparable in mandate mix, distribution model and HNW/institutional target market to Ellerston.
• Platinum Asset Management: Sydney-based active global equities manager offering long-only and long-short funds to institutional and retail investors; comparable to Ellerston's Global Equity Managers and Asia strategies on product construct and client base.
• Wilson Asset Management (WAM Capital): ASX-listed boutique active manager running multiple listed investment companies and Australian small/mid-cap strategies; closely comparable to Ellerston on ASX-listed vehicles (MEC, EAFZ) and small-cap Australian equity strategies.
• Antipodes Partners: Sydney-based boutique active global equities manager offering long-only and long-short strategies to institutional and retail clients; directly comparable in product type, target client and AUM scale to Ellerston's Global Mid Small Cap and Global Equity Managers funds.
• L1 Capital: Melbourne-based boutique active manager running long-short Australian equities and global strategies for institutional and HNW clients; comparable to Ellerston on strategy mix, fee model and distribution via the IFA channel.
• PM Capital: Australian boutique manager offering global equities and listed investment companies; comparable in product type and ASX-listed vehicle structure to Ellerston's Morphic and Asia Growth Fund.
• Cooper Investors: Melbourne-based boutique active Australian and global equities manager; closely comparable in strategy focus, boutique scale and institutional/HNW client base to Ellerston's Australian equities franchise.

Broad incumbents

• Perpetual Limited: ASX-listed incumbent offering active Australian and global equities, fixed income, and private equity strategies plus wealth management; broader portfolio than Ellerston but overlapping in core Australian equities and multi-asset funds.
• Pendal Group (now part of Perpetual): Australian active asset manager offering Australian equities, fixed income and multi-asset products to institutional and retail clients; relevant peer given several Ellerston PMs (Vimal Gor, Thomas Ciszewski) were previously senior at Pendal.
• BlackRock Australia: Local arm of the global asset management giant offering index, active and private market products to Australian institutional and retail investors; broader and much larger incumbent that competes for the same institutional and IFA-distributed mandates Ellerston targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ellerston-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments42 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ellerston Capital