Key Takeaways
- • Tema Alternative Asset Managers ETF (PRVT) provides institutional investors with concentrated exposure to listed alternative asset managers across private equity, private credit, infrastructure, real estate, and venture capital sectors.
- • Top four holdings represent significant concentration: Blackstone (BN) at 5.92%, Apollo Global Management (APO) at 5.83%, EQT (OSTO:EQT) at 5.73%, and Ares Management (ARES) at 5.39%.
- • The fund invests at least 80% of net assets in alternative asset managers and custody banks, positioning it as a pure-play exposure vehicle to the growing alternative assets management industry.
- • Fund structure targets institutional-quality exposure to a universe of listed private managers, capturing the secular growth trend in alternative asset allocations across institutional portfolios.
Summary
Tema Alternative Asset Managers ETF (PRVT) is designed as an institutional-grade investment vehicle that provides direct exposure to the equity of leading alternative asset managers. Rather than investing in alternative assets themselves—such as private equity funds, infrastructure projects, or private credit vehicles—PRVT invests in the publicly listed managers that operate these vehicles, capturing the asset management fee economics as their client bases expand.
The fund's portfolio is concentrated among industry leaders managing substantial alternative asset bases. The top four positions include Blackstone (BN), one of the world's largest alternative asset managers with a diversified platform spanning private equity, credit, and real estate; Apollo Global Management (APO), a major player in private credit and alternative investing; EQT, a leading European alternative asset manager; and Ares Management (ARES), a significant operator in private equity, infrastructure, and credit markets. These four positions alone represent approximately 23% of fund holdings, indicating meaningful concentration risk offset by the quality and scale of the underlying businesses.
The fund mandates that at least 80% of net assets remain invested in alternative asset managers and custody banks sub-industry, ensuring thematic purity and alignment with the stated objective of capturing exposure to the secular growth of alternative assets. This structural requirement reflects the thesis that as institutional investors continue allocating larger portions of portfolios to alternatives—driven by yield-seeking behavior in a lower-rate environment and diversification benefits—the fee-generating managers themselves become attractive equity investments with revenue and earnings growth visibility.
Tema positions PRVT as part of its broader institutional-quality ETF suite spanning growth opportunities, core exposures, and alternatives strategies. The fund structure appeals to institutional investors and alternative investment professionals seeking a transparent, liquid equity mechanism to gain exposure to the alternative asset management industry's growth dynamics without directly committing capital to alternative asset vehicles themselves.
The fund's portfolio is concentrated among industry leaders managing substantial alternative asset bases. The top four positions include Blackstone (BN), one of the world's largest alternative asset managers with a diversified platform spanning private equity, credit, and real estate; Apollo Global Management (APO), a major player in private credit and alternative investing; EQT, a leading European alternative asset manager; and Ares Management (ARES), a significant operator in private equity, infrastructure, and credit markets. These four positions alone represent approximately 23% of fund holdings, indicating meaningful concentration risk offset by the quality and scale of the underlying businesses.
The fund mandates that at least 80% of net assets remain invested in alternative asset managers and custody banks sub-industry, ensuring thematic purity and alignment with the stated objective of capturing exposure to the secular growth of alternative assets. This structural requirement reflects the thesis that as institutional investors continue allocating larger portions of portfolios to alternatives—driven by yield-seeking behavior in a lower-rate environment and diversification benefits—the fee-generating managers themselves become attractive equity investments with revenue and earnings growth visibility.
Tema positions PRVT as part of its broader institutional-quality ETF suite spanning growth opportunities, core exposures, and alternatives strategies. The fund structure appeals to institutional investors and alternative investment professionals seeking a transparent, liquid equity mechanism to gain exposure to the alternative asset management industry's growth dynamics without directly committing capital to alternative asset vehicles themselves.
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