Cyan

Boutique small-cap investment managementcyanim.com.au

Cyan Investment Management is a Melbourne-based boutique fund manager that operates the single wholesale Cyan C3G Fund, investing in 20-40 ASX-listed small-capitalisation companies (A$50m-A$200m market cap) for qualified wholesale and sophisticated investors with a A$100,000 minimum and a A$100m AUM cap.

Company typePrivate
Founded2013
HeadquartersMelbourne, Australia
Headcount1–10
GTM typeB2B
OfferingServices

What Cyan does

Cyan Investment Management is a Melbourne-based boutique fund manager that operates a single investment product, the Cyan C3G Fund, focused exclusively on ASX-listed small capitalisation companies. The fund targets a concentrated portfolio of 20-40 companies with market capitalisation between A$50m and A$200m, deliberately excluding biotechnology and resources sectors, and concentrates on commercially proven companies overlooked by the broader investment community as well as on the IPO market where the firm perceives information and price inefficiency. The firm was founded by Graeme Carson and Dean Fergie, both of whom continue to serve as Director & Portfolio Manager, co-own the business, and hold significant personal investments in the fund, aligning manager and investor outcomes. The company holds Australian Financial Services License (AFSL) no: 453209.

The C3G Fund is structured as a wholesale (unregistered) Australian managed investment scheme with a A$100,000 minimum initial investment, accessible only to investors qualifying as wholesale or sophisticated clients under the Corporations Act. Cyan generates revenue through management fees on assets under management and a 20.5% quarterly performance fee on returns above a 2.5% quarterly benchmark, subject to a high water mark. The fund offers monthly unit pricing, applications, and redemptions for liquidity, and is strictly closed to new investors once AUM reaches A$100m — a deliberate capacity discipline to protect the small-cap alpha thesis. Distribution is sales-led and direct, supplemented by the Olivia123 third-party online application platform.

Cyan differentiates through internally generated fundamental research rather than reliance on broker research, founder co-investment, and regular transparency via monthly newsletters and media appearances on Ausbiz TV and the nabtrade Your Wealth podcast. Reported performance is 28.0% for FY24/25 versus 13.2% for the S&P/ASX All Ords Accumulation Index, with fund volatility of 19.0% against 16.5% for the benchmark; cumulative since-inception return to 31 May 2026 is 45.2% (3.2% p.a.) with a NAV of 0.968. The firm is privately held, employs only its two founding fund managers, and is domiciled in Victoria, Australia.

Cyan firmographics

Firmographics

Name: Cyan
Legal name: Cyan Investment Management Pty Ltd
Website: https://cyanim.com.au
Company type: Private
Founded year: 2013
Operating status: Operating
Headcount range: 1–10 employees
Short description: Cyan Investment Management is a Melbourne-based boutique fund manager that operates the single wholesale Cyan C3G Fund, investing in 20-40 ASX-listed small-capitalisation companies (A$50m-A$200m market cap) for qualified wholesale and sophisticated investors with a A$100,000 minimum and a A$100m AUM cap.
Ownership category
akta.pro rank

Cyan industry classification

Industry

Product category: Boutique small-cap investment management
NAICS: Portfolio Management and Investment Advice (523940)
SIC: Investment Advice (6282)
akta.pro primary industry: Multi-Strategy — Single-Manager, Multi-PM (FSAHAFAB)

Keywords

Small-cap equity investing
Boutique fund management
Australian equities fund
Wholesale investment management
Long-only small-cap fund

Where Cyan is headquartered

Location

Headquarters

HQ city: Melbourne
HQ country: Australia
HQ region: Oceania

Offices1 record

Markets served

Cyan business model

Business model

GTM type: B2B
Offering type: Services
Cost components: Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

Management Fees: A management fee is charged on fund assets under management. The specific rate is not publicly disclosed.
Performance Fees: A performance fee of 20.5% is payable quarterly on any excess performance (after deducting the management fee) above a quarterly benchmark of 2.5%. A performance fee is only payable where the Fund has exceeded both the benchmark and high water mark.

Pricing tiers

Model	Billing	Price
Subscription	Monthly	Wholesale Investor Minimum
Subscription	Quarterly	Performance Fee Structure

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Cyan product offering

Product offering

Core offering

Cyan Investment Management operates a single product, the Cyan C3G Fund, a long-only Australian wholesale (unregistered) managed investment scheme that invests in 20 to 40 ASX-listed small-capitalisation companies with market capitalisation between A$50 million and A$200 million. The fund is weighted to balance risk and return, is strictly closed to new investors once fund size reaches A$100 million, and offers monthly unit pricing, applications, and redemptions to wholesale/sophisticated investors under AFSL no: 453209.

Product overview

Cyan Investment Management operates a single investment product: the Cyan C3G Fund. This is a long-only wholesale (unregistered) managed investment scheme that invests in 20 to 40 ASX-listed small capitalisation companies. The fund targets companies with market capitalisation between $50m and $200m, focusing on those that are commercially proven but overlooked by the broader investment community. The fund offers monthly unit pricing with applications and redemptions, and is strictly closed to new investors once fund size reaches $100m.

Differentiator

Problem solved

Functional benefit

Brands

Cyan C3G Fund: The primary investment product managed by Cyan Investment Management - an Australian wholesale managed investment scheme investing in ASX listed small capitalisation companies.

Products and services

Cyan C3G Fund A long-only Australian wholesale (unregistered) managed investment scheme managed by Cyan Investment Management that invests in 20 to 40 promising or proven ASX-listed small capitalisation companies (market cap A$50m–A$200m), weighted to balance risk and return. It targets wholesale/sophisticated investors under AFSL no: 453209 with a minimum initial investment of A$100,000, offers monthly unit pricing, applications, and redemptions, and is strictly closed to new investors once fund size reaches A$100 million.

Quantifiable outcome

Fund returned 28.0% for FY24/25 vs 13.2% for S&P/ASX All Ords Accumulation Index
+2 more outcomes

Companies that use Cyan

Customer profile

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Cyan technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Cyan partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

Olivia123coreTechnology or IntegrationSecure third-party online application platform for Australian managed funds. Used for investor registration and application processing for the Cyan C3G Fund. Investors are transferred to Olivia123 for registration before proceeding to the Cyan application form.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Cyan competitors and assessment

Company assessment

Broad incumbents

Perpetual Limited: Large diversified Australian wealth and fund management group offering Australian equities strategies including small-cap products, competing with Cyan for wholesale mandates.
Pinnacle Investment Management: Multi-boutique Australian asset manager that houses several active equity boutiques, providing a distribution and operational alternative for boutique managers similar to Cyan.
Magellan Financial Group: ASX-listed global and Australian asset manager with actively managed equity funds, representing broader competition in the boutique-style active equity space.

Direct peers

Cooper Investors: Independent Melbourne-based boutique equities manager employing a high-conviction, fundamental research-led approach mirroring Cyan's investment process.
Ausbil Investment Management: Boutique Australian equities manager with actively managed long-only funds, comparable in scale and target market to Cyan's C3G Fund.
Plato Investment Management: Australian boutique active equities manager offering long-only strategies to institutional and wholesale investors, competing for the same investor base as Cyan.
Airlie Funds Management: Australian boutique equity fund manager running a focused domestic portfolio for wholesale and institutional clients, with a single-manager, high-conviction style analogous to Cyan's C3G Fund.
WAM Capital (Wilson Asset Management): Specialist ASX-listed small-cap investment manager with a long-only and event-driven focus that competes directly with Cyan for small-cap wholesale capital.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Cyan financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Cyan leadership team

Management profile

Number of profiles

Profiles2 records

Cyan funding detail

Funding detail

Funding overview

Funding rounds

Investors

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

Cyan M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about Cyan

What does Cyan do?

Is Cyan a public or private company?

Cyan is a private company. It is classified as founder individual operated bootstrapped and is currently operating.

When was Cyan founded?

Cyan was founded in 2013. It employs 1 to 10 people.

Where is Cyan based?

Cyan is headquartered in Melbourne, Australia, in the Oceania region.

How does Cyan make money?

Two revenue lines are on record. Management Fees are the primary driver. The others are performance Fees.

Who are Cyan's main competitors?

Broad incumbents on record are Perpetual Limited, Pinnacle Investment Management and Magellan Financial Group. Direct peers are Cooper Investors, Ausbil Investment Management, Plato Investment Management, Airlie Funds Management and WAM Capital (Wilson Asset Management).

Does Cyan have an API?

No public API is recorded for Cyan.

What industry is Cyan in?

Cyan's product category is Boutique small-cap investment management. Its primary akta.pro industry code is FSAHAFAB, Multi-Strategy — Single-Manager, Multi-PM. Its NAICS code is 523940 and its SIC code is 6282.