BMYG raises $100m, funds under management swells to $500m

by | Oct 25, 2021

It’s been a big few months for fund manager BMYG Financial Group.

The wealth management firm has raised $100 million from predominantly high net worth investors, in a sign of support for its “global unicorns” investment strategy.

BMYG founder Eric Gao wants to hit $1 billion in funds under management by 2024
BMYG founder Eric Gao wants to hit $1 billion in funds under management by 2024

In less than five years the boutique firm has gone from $15 million in funds under management to $500 million.

CEO Eric Gao contributed the growth to three factors; broadening its investment strategy from Aussie tech to include other investment funds and now global companies, extending its client base eightfold across Australia, and getting some early wins under the company’s belt.

In one of BMYG’s most recent investments, the fund manager snapped up a $15 million parcel of shares in Swedish buy now pay later giant Klarna, via a secondary share sale.

The Klarna deal forms part of its Global Inspiration X fund, through which it has also invested in Airbnb. It is aiming for a 20 per cent return on its investments.

It also has invested in more than 20 start-ups, including VBreathe, OpenMarkets, Wholesale Investor and Rich Data Corporation, as well as fund managers including Advent Partners, Square Peg Capital and Valara.

One of its early exits has come through fintech 86400, which was acquired by NAB for $220 million earlier this year.

“Just five years ago, we were telling the market that we were hopeful to raise a fund of $50 million. Now, we’ve secured ten times that amount and are aiming to double in less than half the time,” BMYG’s Eric Gao said.

“This is a credit to the success of the Australian emerging technology market. There’s intense interest from Chinese high net worths in the sector as they look to diversify their portfolios.”

BMYG’s next goal is to crack $1 billion in funds under management by 2024.

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