Private equity hit

Two of Australia's rare private equity listed vehicles continue to trade below their issue prices, three years after listing on the Australian Securities Exchange. ING Private Equity stock is worth 90.5¢. The ING vehicle had a $2 application price in December 2004 and traded at a heavy discount throughout 2005 and 2006. The securities were unstapled, leaving the stock down 10 per cent from the issue price. Souls Private Equity has been trading at the 23¢ mark, 2¢ below its 2004 issue price, for a number of years. Both vehicles invest in private equity funds that small investors wouldn't otherwise have access to. Jonathan Barrett