# Pitch Deck Extraction team_and_track_record Response ## Technical Context - **Task Name**: Pitch Deck Extraction - team_and_track_record - **Workflow Run ID**: 34 - **Timestamp**: 2026-09-14T17:03:29.175Z ## Grounded Intelligence Data # Team and Track Record ## Leadership, Investment, and Operational Team The Warana Capital team consists of thirteen professionals across Investments, Operations, and Investor Relations `[Page 3]`, plus an Advisory Committee. Below is the detailed roster of team members extracted from the presentation, categorized by their primary responsibilities: ### Investment Team (isInvestmentTeam: True) *These team members' primary roles involve investing, underwriting, portfolio management, or deal sourcing.* * **Tim Ivers, Founder & CEO** `[Page 11]` * **isInvestmentTeam**: True `[Page 11]` * **Biography & Context**: * Founded Warana Capital in 2016 `[Page 3, Page 11]`. * Founded Axle Capital and co-founded Dakota Capital in 2010 `[Page 11]`. * Previously served as the CEO of both Axle Capital Pty Limited and Dakota Capital Pty Limited, where his role included primary day-to-day responsibility for investment decisions for both firms across all vehicles `[Page 2]`. * Former Head of Investment at Everest Financial Group, where he managed 19 funds in wind-down `[Page 11]`. * Prior professional experience includes roles at UBS, Merrill Lynch, and Ernst & Young `[Page 11]`. * Credentials: Chartered Financial Analyst (CFA) and Certified Practicing Accountant (CPA), Australia `[Page 11]`. * Education: Graduate Diploma of Applied Finance and Investment from the Securities Institute (now FINSIA); Bachelor of Commerce and Bachelor of Economics from the University of Queensland `[Page 11]`. * **Grant Gillespie, Partner** `[Page 11]` * **isInvestmentTeam**: True `[Page 11]` * **Biography & Context**: * Has completed over 200 transactions since joining Warana Capital at its inception `[Page 11]`. * Former Director of a structured credit & real estate hedge fund `[Page 11]`. * Former President & COO of Kristian Regale, Inc. `[Page 11]`. * Former Associate at Merrill Lynch `[Page 11]`. * Credentials: Chartered Financial Analyst (CFA) `[Page 11]`. * Education: MBA from Columbia Graduate School of Business; BA in History from Duke University `[Page 11]`. * **Bjorg Klem, Managing Director** `[Page 11]` * **isInvestmentTeam**: True `[Page 11]` * **Role**: Senior investment professional within the Investments team `[Page 11]`. * **Daniel Nolan, Managing Director, Head of Origination** `[Page 11]` * **isInvestmentTeam**: True `[Page 11]` * **Role**: Leads the deal origination and sourcing vertical `[Page 11]`. * **Mark Downey, Investment Analyst** `[Page 11]` * **isInvestmentTeam**: True `[Page 11]` * **Role**: Investment professional focused on deal analysis and underwriting `[Page 11]`. * **Robin Dong, Investment Analyst** `[Page 11]` * **isInvestmentTeam**: True `[Page 11]` * **Role**: Investment professional focused on deal analysis and underwriting `[Page 11]`. --- ### Finance, Operations, and IR Team (isInvestmentTeam: False) *These team members' primary roles involve operations, client relations, marketing, or general business administration.* * **Sun Chin, CFO & COO** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` * **Role**: Heads the Finance & Operations department `[Page 11]`. * **Brandon Bo Lee, Controller** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` * **Role**: Finance & Operations `[Page 11]`. * **Ruchama Bin-Nun, Senior Associate** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` * **Role**: Finance & Operations `[Page 11]`. * **Andrew Chen, Senior Associate** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` * **Role**: Finance & Operations `[Page 11]`. * **Kevin Wang, Analyst** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` * **Role**: Finance & Operations `[Page 11]`. * **Vita Pan, Analyst** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` * **Role**: Finance & Operations `[Page 11]`. * **Jennifer Howrigan, Head of Investor Relations & Business Development** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` * **Role**: Heads IR & Marketing department `[Page 11]`. --- ### Advisory Committee (isInvestmentTeam: False) * **Lawrence Myers** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` * **Michael Sternberg** `[Page 11]` * **isInvestmentTeam**: False `[Page 11]` --- ## Historical Track Record ### Cumulative Performance As of June 30, 2023, the cumulative track record across all Predecessor Dakota Funds and Warana Funds is: * **Cumulative Proj. Net IRR**: 20.7% (Net of all fees and expenses) `[Page 3]`. * **Cumulative Net TVPI**: 1.5x (Net of all fees and expenses) `[Page 3]`. --- ### Individual Fund Performance Breakdown Data is as of June 30, 2023 (except DPI, which is updated as of October 18, 2023). All figures are reported in USD and net of all applicable management, performance, and other fees/expenses `[Page 4]`. | Fund / Vintage | USD Raised | % Cash Calls | Avg. Purchase Price (% of Manager NAV)¹ | Proj. Net IRR | Net TVPI | Net DPI | Net Cash Multiple² | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Warana 2023 Fund** | $106.0mm | NA | 59% | Targeting Net >15-20% | Targeting Net 1.3x | NA | NA | | **Warana 2021 Fund** | $106.0mm | 78% | 59% | 22% | 1.62x | 0.55x | 1.79x | | **Warana 2019 Fund** | $77.5mm | 66% | 24% / 38%³ | 18% | 1.44x | 0.93x | 1.66x | | **Warana 2018 Fund** | $50.5mm | 70% | 51% | 15% | 1.40x | 1.19x | 1.55x | | **Warana 2017 Fund**⁴ | $34.4mm | 89% | 56% | 12% | 1.29x | 1.29x | 1.32x | | **Dakota Funds**⁵ | $252.6mm | NA | 40% | 28% | 1.70x | 1.69x | NA | #### Track Record Footnotes & Explanatory Context: 1. **Average Purchase Price**: Measured as a percentage of the underlying Manager's Net Asset Value (NAV) on a look-through, unadjusted basis at the time of purchase, including trades agreed as of June 30, 2023 `[Page 4]`. 2. **Net Cash Multiple**: Defined as the ratio of an investor's net profit (realized and projected) divided by total cash funded calls (drawn capital less distributions during the Investment Period) `[Page 4]`. 3. **Warana 2019 Fund Average Purchase Price**: The average purchase price of 24% includes an outlier trade acquired at a very large discount. Excluding this outlier trade, the average purchase price for the 2019 Fund was 38% `[Page 4]`. 4. **Warana 2017 Fund Status**: Fully closed with 1.29x DPI `[Page 4]`. 5. **Dakota Funds Status**: Fully in harvest mode with less than 1% of Net Asset Value (NAV) remaining as of June 30, 2023 `[Page 2, Page 4]`. timothy Ivers was CEO and responsible for investment decisions `[Page 2]`. Original capital raised in AUD was converted to USD at the Reserve Bank of Australia closing exchange rates on relevant dates, with projections reflecting an RBA USD:AUD rate of 0.6630 `[Page 2]`. Warana was appointed trustee of these funds on July 1, 2021 `[Page 2]`. --- ## Investment Strategy, Underwriting Metrics, and "Free" Optionality Case Highlights *Specific named portfolio company/asset-level case studies are not detailed in this presentation. However, the following key metrics highlight how Warana generates its investment returns:* ### Target Investment Criteria & Performance Philosophy * **Return Targets**: Warana targets gross returns of >20% IRR and >1.3x gross MOIC (with net TVPIs for all funds targeting >1.4x) `[Page 5]`. * **Discount to NAV**: Warana targets transactions at an average of ~50% discount to Net Asset Value `[Page 5]`. * **Low Dependency on Growth**: Underwriting emphasizes "No/Limited Reliance on NAV Growth" and downside protection `[Page 5]`. Warana rarely forecasts recovery above a given fund manager's current Net Asset Value `[Page 5]`. ### Bid Volume and Conversion Trends * **Winning Bids Statistics**: Underlining conservative underwriting, Warana's winning bids account for only ~5% or lower of total NAV volume bid on across its funds `[Page 7]`. * **Pipeline Growth**: Overall pipeline volumes have increased 3.7x since the closure of Warana's first fund in 2017 `[Page 7]`. ### "Free" Optionality Strategy Warana frequently prices certain fund assets at zero or nominal cost during valuation, presenting "free" upside optionality `[Page 7]`. Examples of these zero-cost priced options include: * Litigation claims or cash held back for contingent liabilities `[Page 7]`. * Agricultural land in emerging markets (e.g., Brazil) `[Page 7]`. * Levered real estate `[Page 7]`. The cumulative number of these zero-cost priced "options" acquired per vintage fund shows steady growth `[Page 7]`: * **2017 Fund**: ~11 options acquired `[Page 7]`. * **2018 Fund**: ~35 options acquired `[Page 7]`. * **2019 Fund**: ~49 options acquired `[Page 7]`. * **2021 Fund**: ~49 options acquired `[Page 7]`.