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 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, delivering 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. Timestamps 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

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