Professionally-managed classic car investment fund
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Sydney-based Chrome Temple last week launched its ‘Mach 1’ classic car investment fund at events in Sydney and Melbourne.
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The company is a multi-pronged business offering storage and concierge services, sales for high-end cars and now the investment vehicle.
Figurehead and Portfolio Manager Lex Pedersen is at pains to explain that he, like some of his fellow board members, is a car nut. However “you need to take the emotion out of it for classic cars to work as an investment” he explained at the Melbourne launch.
The idea is the fund buys vehicles that are clearly showing potential for growth in value, hold on to them, and sell when they’ve reached their target. No sentiment involved.
Chrome Temple’s board has a mix of car and investment/banking experience.
While the investment cars will spend most of their time locked away, the Chrome Temple crew is also well aware that any vehicle needs occasional exercise to be kept in prime mechanical health. The plan is to use the 70 North private track in NSW and a professional driver, to give vehicles the occasional run.
This potentially gives investors the chance to see and hear their investment, and perhaps go for a spin in the jump seat. Plus, there will be the opportunity to take their own cars for a gallop.
The first fund of $20 million is now seeking investors with a minimum buy-in of $100k. See chrometemple.com.
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