Some of the most important companies shaping the AI frontier are private.
So is the upside.°

Clime AI Frontier gives sophisticated Australian investors direct, concentrated exposure to a portfolio of the world's leading private AI and technology companies — at institutional terms — ahead of an intended ASX listing.
Managed by Clime Asset Management Pty Ltd, part of the Clime Investment Management Limited group (ASX: CIW) — over 25 years on the ASX register and operator of Clime Capital Limited (ASX: CAM), an existing listed investment company. The pathway from private fund to listed vehicle is a route Clime has already walked.
Request the IM The thesis
ANTHROPIC · $30B raised at $380B · Feb 2026 SPACEX / xAI · $1.5T IPO target · 2026–27 DATABRICKS · $5.4B ARR · 65% growth · FCF positive
§ 01
Why Now

A once-a-generation asymmetry, while it lasts.

The most consequential technology cohort in modern history is staying private longer, scaling faster, and is largely inaccessible to Australian capital. Three convergent forces define the window.
◦ 01 · Growth premium

The leaders are scaling faster than any cohort before them.

Anthropic grew from $1B to $30B in annualised revenue in fifteen months. OpenAI reached 900 million weekly active users within three years of launching ChatGPT, adding 500 million in the final twelve months alone. Databricks is at $5.4B ARR, growing 65%, now free-cash-flow positive. These are demand-driven revenue curves compressing consumer and enterprise adoption.
SaaStr · TechCrunch · Anthropic · a16z State of Markets
◦ 02 · IPO optionality

A queue of generational listings is forming.

SpaceX/xAI is targeting a $1.5T IPO in late 2026 — potentially the largest in history. OpenAI, Stripe and Databricks are all credible 2026–27 candidates. Each listing is a discrete rerating catalyst for the entire portfolio, providing distinct, market-driven liquidity events independent of fund-level decisions.
Sacra · CNBC · U.S. News · AlphaSense
◦ 03 · AI structural tailwind

This is a demand-driven cycle, not a fashion.

Google reported a 50× increase in token consumption in a single year. Annual AI infrastructure spend has crossed $660B+. AI companies are exiting in 7.9 years vs 9.6 for non-AI peers. Underneath sits a structural workforce shortage in advanced economies that AI is uniquely positioned to address — pricing this market as software is a category error.
Deloitte · a16z · Project Deep Thought thesis
◦ The structural shift

The best returns are now made before the IPO.

Two decades ago, the median company IPO'd around its fifth birthday. Today the median is closer to fourteen years. Companies are choosing to remain private not because public markets are unavailable, but because the capital available privately is sufficient — and public scrutiny during critical developmental phases is a strategic disadvantage.

The consequence: the bulk of value creation that historically occurred in the public phase of a company's life is now being captured by private investors before listing. Investors waiting for the IPO increasingly receive a smaller share of the total return.

a16z, Private Markets Are The New High-Growth Public Markets (Sep 2025)
VALUE CAPTURE BY MARKET % OF TOTAL VALUE CREATION · BY IPO COHORT 100% 75% 50% 25% 0% Apple 1980 MSFT 1986 AMZN 1997 GOOG 2004 META 2012 UBER 2019 2024+ cohort Private Public
§ 02
The Access Gap

Conviction must be matched by access.

The leading private AI and technology companies are widely known. The challenge is gaining access to their equity at institutional terms, ahead of public markets. That requires relationships, capital deployment history and credibility within the US private market ecosystem.
◦ Closed primary rounds

Top-tier AI primary rounds are oversubscribed and relationship-allocated.

The cap tables of OpenAI, Anthropic, xAI and SpaceX are filled by a small group of US institutional investors who participate round after round. Cold capital is not invited.

◦ Off-market secondaries

Liquidity sits with a network of insiders, founders and employees.

A meaningful share of available equity moves through structured secondaries, employee equity transfers and founder-led restructurings — channels that require trusted, repeated counterparty relationships to access.

◦ Australian disadvantage

No comparable ASX vehicle exists today.

Australian wholesale and retail investors have had limited access to the highest-growth chapter of this generation's most consequential companies. Listed proxies are partial at best; ETFs cannot hold private equity.

◦ Clime's edge

An IC built specifically for this access problem.

The Clime AI Frontier IC (Investment Committee) pairs Clime's 25 year ASX-listed track record with US fintech operators (Adam Ezra, Larry Diamond) carrying live relationships into top-tier private cap tables and senior employee equity holders.

§ 03
Portfolio

A concentrated portfolio of the private AI and technology leaders.

A target of 10–15 high-conviction private positions across the AI value stack — frontier AI labs, specialised hardware and infrastructure, vertical AI applications, and high-growth platforms with structural AI tailwinds. Single-position cap of 20% on a long-term basis.
◦ Indicative target portfolio · 15 holdings Semi-blind pool · final composition determined by IC at acquisition
Foundation Model · Consumer AI
Dominant generative AI platform globally; ChatGPT adopted faster than any consumer technology in history. Credible 2026–27 IPO candidate.
Frontier AI · Safety
Leader in AI safety and enterprise. $1B to $30B ARR in fifteen months.
Aerospace · AI · Compute
$1.25T combined. Targeting largest IPO in history.
Data · AI Analytics
$5.4B ARR growing 65% · FCF positive. Credible 2026–27 IPO candidate.
AI Hardware · HPC
Top challenger to Nvidia for inference. Wafer-scale architecture delivers ~20× performance for LLMs.
Defence · Autonomy
Contracted defence AI revenue driving rapid scaling.
Humanoid Robotics
Leading humanoid robotics platform; commercial deployments with major industrial partners.
Payments · Fintech
$1T+ in annual processed volume. Credible 2026–27 IPO candidate.
Digital Banking
50M+ retail customers globally; profitable; preparing for eventual public listing.
AI Safety · Research
Safe Superintelligence — pure research lab founded by Ilya Sutskever. High-conviction bet on elite talent.
Additional positions
Determined by IC at acquisition.
◦ Selection criteria $10B+ valuation defensible moat AI-centric or AI beneficiary IPO candidate within 5 years high growth
◦ Indicative · subject to manager allocation, availability, and IC approval. Final composition disclosed in the Information Memorandum and at acquisition.
§ 04
The Manager

Built by an Australian manager that has actually walked this path.

For a fund whose intended liquidity event is an ASX LIC listing, the manager's prior experience operating an ASX-listed investment company is not a peripheral qualification — it is the qualification.

Over 25 years on the ASX register. An operating LIC already on the board.

Clime AI Frontier is managed by Clime Asset Management Pty Ltd (AFSL 221146), part of the Clime Investment Management Limited group (ASX: CIW) — over 25 years continuously listed on the ASX.

Clime Asset Management Pty Ltd is the manager of Clime Capital Limited (ASX: CAM), a listed investment company that has operated through multiple market cycles. The regulatory relationships, listing process, governance framework and investor relations capability relevant to taking the Clime AI Frontier from wholesale fund to ASX LIC exist within the firm today — drawn from its experience as an investment manager - not as a plan to be assembled.

Few comparable managers in Australia combine both: a public-company operating record and active experience managing an LIC on the register. For investors backing Phase 1 with the explicit intention of converting to a listed vehicle in Phase 2, the executability of that pathway is the single most important variable. Clime is the only Australian manager applying that experience specifically to a private AI portfolio.

Over 25yrs
Continuously ASX-listed
CIW
ASX parent code
CAM
Operating ASX LIC
221146
AFSL · Australia
◦ Lead Manager
Michael Baragwanath
Managing Director, Clime Investment Management
Lead manager of the Frontier strategy. Former CIO of two ESVCLPs. Pattern recognition built across venture capital, independent advisory, international markets (Australia, Dubai, Hong Kong, China) and complex project governance.
◦ Origination · IC
Adam Ezra
Australian fintech executive · US market
Substantial US private market credibility built through leadership of globally significant fintech businesses. Provides Frontier with relationships into top-tier US private cap tables.
◦ Origination · IC
Larry Diamond
Founder · US AI investor network
Native AI focus. Sources off-market liquidity from senior employees at top-tier AI firms holding vested equity or options. Direct line into the world's most exclusive private technology cap tables.
◦ IC Advisor
Nathan Germaine
CIO, Diamond Family Office
Equities, derivatives, private credit and venture capital specialist. Level 2 Accredited Derivatives Adviser. Multi-jurisdictional structuring across AU/US markets; secondary AI markets and pre-IPO positioning.
"The role of financial markets is to connect capital with smart ideas to create prosperity — Clime AI Frontier is that thesis, applied to the most important technology companies of our generation."
John Abernethy · Founder & Director of Investments, Clime Investment Management
§ 05
Structure & Terms

A clean, institutional structure — aligned by design.

An Australian wholesale managed investment scheme available only to wholesale investors in Australia as defined under sections 761G and 761GA of the Corporations Act 2001 (Cth). The fee structure is designed so the Manager only earns when investors do. Complete terms in the Information Memorandum.
Vehicle
Wholesale Managed Investment Scheme
AI Frontier class within the Clime Contributory Asset Scheme. Class assets ring-fenced.
Trustee & Manager
Clime Asset Management
AFSL 221146 · part of the Clime Investment Management Ltd group (ASX: CIW).
Eligibility
Wholesale · s761G and s761GA
Qualified accountant certificate required.
Minimum investment
A$500,000
Trustee may accept lower for qualifying wholesale investors.
Target raise
A$150m
Target holdings
10–15 positions
Concentrated · 20% single-position cap (long-term).
Liquidity
Earlier of listing or 5 years
No guaranteed redemptions. ASX listing is the intended liquidity event.
Currency
AUD · USD exposure
Predominantly USD-denominated investee companies. Hedging at IC discretion.
§ 06
ASX Pathway

From wholesale fund today to ASX-listed investment company in future.

The trustee intends to seek ASX listing as a listed investment company at the appropriate time. Indicative pathway — subject to portfolio composition, market conditions and regulatory approval.
◦ Phase 1 — Now · 2026
Wholesale launch
Open to wholesale and sophisticated investors. Capital deployed progressively into priority private positions via primary rounds, verified secondaries and structured employee equity transfers — all subject to IC approval.
◦ Phase 2 — At target scale
ASX LIC conversion
At appropriate portfolio scale and composition, the trustee intends to seek ASX listing as a listed investment company — converting wholesale units to listed shares so investors gain daily market liquidity. Listing is subject to ASX/ASIC approval.
◦ Phase 3 — Post-listing
Permanent capital vehicle
A permanent capital structure free of redemption pressure, continuing to hold and grow the AI portfolio through investee IPOs and subsequent private positions — alongside underlying-company IPO catalysts as they occur.
§ 07
Risks

Investment in this fund is suitable only for some investors.

Clime AI Frontier is suitable only for wholesale investors who understand and accept the illiquid, high-risk nature of private equity in technology, who do not require liquidity from this investment for an extended and uncertain period, and who can absorb a total loss of invested capital.
Risk
Description
Manager approach
IlliquidityPrivate equity. No secondary market.
Investments are unlisted and illiquid. No liquidity event is guaranteed. Investors may not be able to exit for many years, or at all.
Semi-blind pool with transaction-level disclosure. ASX LIC listing as primary intended liquidity event, supported by Clime's demonstrated LIC operating experience.
Capital lossTotal loss is possible.
Some AI companies will not commercially succeed at a level that justifies their current private valuations.
Concentrated portfolio of high-conviction names. IC approval required for every investment. IPEV-compliant valuations under auditor oversight.
CurrencyMaterial USD exposure.
Substantially all investee companies are USD-denominated. AUD strengthening reduces portfolio NAV.
Opportunistic hedging at IC discretion, informed by Clime's macro team. Disclosed and undiversifiable.
ListingNot guaranteed.
Intended ASX LIC listing may not proceed, may be delayed or may list at a market price below NAV.
Active LIC (CAM) demonstrating listing capability. Legal and compliance review will precede any application.
ValuationInherently imprecise.
Private company valuations may not reflect realisable value. Significant revision upon a liquidity event is possible.
IPEV guidelines · annual valuations · IC oversight · independent valuation where appropriate.
Performance fee dilutionEquity settlement.
Performance fees paid in SPV equity will dilute investors' proportional interest upon crystallisation.
Disclosed structural feature. Equity settlement preserves cash within the vehicle and aligns the Manager at the point of any liquidity event.
A condensed summary. The full risk matrix is set out in the Information Memorandum (Section 12) and should be read in conjunction with Section 7 of the CCAS IM. Investors should take independent financial, legal and tax advice before investing.
§ 08
Process

From first contact to subscribed unitholder.

A clear four-step path. Most wholesale investors complete the process in 2–3 weeks, depending on accountant certification turnaround.
◦ 01 · Day 0
Register interest
Submit your details below. We respond within one business day to confirm eligibility framework and next steps.
◦ 02 · Day 1–7
Wholesale certification
We provide the 761G and 761GA qualified accountant certificate template. Your accountant returns it; we verify and issue the IM.
◦ 03 · Day 7–14
IM review & Q&A
Read the Information Memorandum. Discovery call with the lead manager and IC member to address questions.
◦ 04 · Day 14+
Subscribe
Application form and subscription transfer. Capital held in Cash Fund Units earning ADI rate until IC-approved deployment.

Request the Information Memorandum°

Available to wholesale investors in Australia as defined under sections 761G and 761GA of the Corporations Act 2001 (Cth). A certificate from your qualified accountant will be required — we'll send the template once you register.
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