Alceon Australian Property Fund (AAPF)
A diversified fund providing investors with an exposure to both listed and unlisted property investments.
since inception1
years in operation
portfolio positions2
Inside the portfolio
The Alceon Australian Property Fund aims to provide investors with a combined return of recurring income, derived from either long term rental leases or a contracted nature, and enhanced returns from selected value add and development assets with some gearing. The Fund comprises a hybrid portfolio of listed and unlisted property and infrastructure against a benchmark comprising 50% A-REITs and Listed Infrastructure and 50% Unlisted Property and Infrastructure.
Why Choose Us?
Flexibility
A single access point to a diversified mix of Australian property and infrastructure, with the flexibility to invest up and down the capital stack– across listed and unlisted, equity and debt – to deliver a total property and infrastructure solution in one fund.
Track Record
Since inception the Fund has navigated multiple market conditions, delivered competitive risk adjusted returns versus the broader market, and demonstrated resilience through different property cycles.
Experience
A team of professionals with over 70 years combined experience navigating property cycles across both listed and unlisted markets.
How the Fund works
Our listed portfolio style overlay screens for pure property and infrastructure characteristics and results in minimal exposure to development, currency risk and other ‘active’ earnings. The unlisted portfolio comprises institutional-grade assets within a diversified portfolio of internally and externally managed funds that spans the risk spectrum. The target unlisted allocation is 70% Core, 20% Value Add and 10% Development.
Investment Performance
As at 31 December 2025
| Month | Quarter | 1 Year | 3 Year | 5 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Alceon Australian Property Fund (net of fees) | 0.40% | 1.70% | 11.10% | 7.10% | 8.00% | 10.30% |
| Fund Benchmark* | 0.70% | 1.70% | 14.10% | 5.20% | 6.40% | 9.30% |
| Value Add* | 0.30% | 0.00% | -3.00% | 1.90% | 1.60% | 1.00% |
Past performance is not a reliable indicator of future performance.
Returns have been calculated using exit prices after taking into account all ongoing fees, and assuming reinvestment of distributions. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. Returns of more than one year are annualised.
¹ Fund inception date: 15 February 2015.
² As at 31 December 2025
*A-REITs Index is the S&P/ASX 300 AREIT Accumulation index; Listed Infrastructure Index is a subset of S&P/ASX 200 Index infrastructure sub industries, as defined by the Global Industry Classification
Standard (GICS); Unlisted Property Index is the Mercer/IPD Australia Core Wholesale Property Fund Index
**Alceon Australian Property inception date – effective 1 September 2011. Performance numbers are net and assume reinvestment of distributions.
Interested in investing alongside us?
We’re here to share insights, answer questions, and explore what’s possible together.