Initial public offering for LF1 fund oversubscribed, raising more than $300 million
The La Trobe Private Credit Fund has completed its initial public offering (IPO), raising more than its target of $300 million.
The offer closed on June 13 and was oversubscribed, following a fully allocated cornerstone offer that also closed within 24 hours of opening.
The IPO was led by CommSec as lead arranger, with Taylor Collison, Ord Minnett, Morgan Stanley, and Shaw & Partners acting as joint lead managers.
La Trobe Financial chief executive Chris Andrews (pictured) described the outcome as a sign of investor confidence. “In an environment of economic uncertainty, the success of our initial public offering is a testament to the ongoing trust placed in La Trobe Financial by our almost 115,000 investors,” he said. “It confirms the market’s view of La Trobe Financial as a market leader for high-quality retirement-focussed investment solutions. We continue to look for ways to provide our investors with a growing range of products which add real value to investor portfolios at all points along the economic cycle.”
Chief investment officer Chris Paton said the listing represents a significant step for the group’s market offering. “We are delighted by the success of our initial public offering, marking the first occasion our investors can access our strategies through the ASX,” Paton said. “To achieve such a strong result from a condensed fundraising timetable demonstrates the strength of our distribution capabilities and the depth of trust we have built across our almost 115,000 investors and 4,500 adviser partners. We are pleased with the interest in our first listed strategy and the ongoing demand for additional high-quality products from La Trobe Financial.”
The LF1 fund combines La Trobe Financial’s Australian real estate private credit strategy, delivered via the 12-month term account, with US mid-market corporate private credit through the La Trobe US Private Credit Fund. The listed product aims to provide monthly distributions and a target net yield of the RBA official cash rate plus 3.25% per annum.
Capital management measures such as quarterly off-market buybacks have been established to support LF1’s ongoing performance. Shares in LF1 are expected to begin trading on the ASX from June 27.
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