How Australian Issuers Can Engage Global Investors Amid Shifting Capital Flows

In collaboration with the Australasian Investor Relations Association (AIRA), Rose & Company hosted a panel that brought together perspectives from an Australian CFO, a U.S. portfolio manager, and a leading capital markets data provider, to discuss how Australian issuers can effectively access global capital. The insights below highlight the key takeaways from the conversation.

Australia's top 5 equity managers hold as much capital as the next 45 combined—beyond the top 50, investor capacity becomes immaterial.

A handful of asset managers dominate Australian equities, leaving issuers with limited scope to diversify ownership at home. As global funds rotate out of crowded U.S. mega-cap tech positions toward undervalued international names, Australian issuers have a window to position themselves for renewed attention.

“It’s a finite opportunity domestically, so issuers need to look beyond the core crowd of local names — that’s where the valuation upside and protection from market-correlated volatility come from.”

More than 1,700 U.S., European, and Asian institutions collectively hold ~$200 bn in Australian equities, a market too large to approach intuitively.

The largest opportunity lies in the United States, home to 773 active holders, with another 766 across Europe. Yet most issuers still target the same handful of large asset managers, overlooking substantial pools of capital in secondary markets.

In the U.S. alone, there are over 300 institutional investors that are relevant. With thousands of decision-makers dispersed across regions and sectors—investor engagement must be precise, data-driven, and highly targeted.

“You can fly to New York or Boston and have seven meetings in a day, but if none of them can actually buy your stock, it’s a wasted trip. Quality of meetings matters far more than quantity.”

Partnership with a local, independent investor access practitioner is crucial to convert data into meaningful—and efficient—engagement.

S&P Global’s data-driven solutions can identify investors with the right mandate and capacity, but independent advisors like Rose & Co. translate that insight into meaningful introductions. Unlike Australia, corporate access in the U.S. and Europe has been heavily disrupted by regulatory changes, with research coverage declining and broker incentives now tied to trading volume. Local independent partners like Rose & Co. ensure an optimal alignment of interests, delivering professional service exclusively on behalf of corporates, unconflicted by competing revenue streams.

“When interests are aligned and you’re focused purely on finding the right investors, everything changes. That’s not how the banks operate. Their criteria are commission dollars, not fit.”

Every meeting should meet strict qualification criteria: the investor must have a long-term investment horizon, the ability to take a meaningful position, decision-making authority, and a mandate that allows ownership of your security.

Offshore engagement requires strategic alignment and a clear rationale.

Given the cost and complexity of global outreach, success demands full board and executive support anchored by a clear commercial rationale — whether to close a valuation gap, diversify the shareholder base, or reach investors who better understand the business model.

“You don’t just meet an investor once and they invest — it takes multiple meetings over time. They need to see you deliver on what you say you’ll do.”

A hybrid model works best: use virtual meetings to qualify interest, then follow up in person to build trust and deepen relationships once genuine investor intent is established.

A clear, compelling narrative and credible management are what drive investment decisions — and, ultimately, lower the cost of capital.

While borrowing costs are fixed by credit ratings, the cost of equity is largely determined by perception. Investors allocate capital based on confidence in leadership, clarity of strategy, and belief in a company’s ability to deliver.

“It’s about trust, consistency, and confidence. The more investors believe in management, the less risk they price in.”

Australian companies must adapt their narrative for U.S. investors, emphasizing scale, growth potential, and long-term strategy.

What resonates domestically often does not translate abroad, particularly in the United States, where investors evaluate growth, scale, and sector dynamics differently. Global investors compare Australian companies with peers worldwide, not just on the ASX, and many lack familiarity with their business models. They want clarity on how the company generates earnings, the durability of those earnings, and the scale of the opportunity beyond Australia. Framing the story in global terms that emphasize innovation, market relevance, and long-term value helps build understanding, reduce perceived risk, and strengthen valuation.

Conclusion

With domestic capital increasingly concentrated, the real opportunity lies abroad — but accessing it requires precision, discipline, and the right strategy. Competing for global capital means knowing exactly which investors matter and how to reach them effectively.

In a market where global funds are reassessing allocations, Rose & Co. partners with many Australian issuers to identify qualified investors, execute targeted outreach, and convert interest into lasting ownership. With precision and a compelling story, companies can attract global capital, strengthen valuation, and lower their cost of equity.

About Rose & Company

Rose & Company is a leading independent capital markets advisory firm offering strategic counsel and tailored solutions to help companies increase market valuation. Serving a broad range of companies across industries and geographies, we employ a forward-thinking approach to investor engagement and acquisition, leveraging our significant experience and our broad relationships within the investment community. We align our interests with those of our clients and focus on creating long-term value by identifying, engaging, and building relationships with high-quality, long-term investors.