Summary –
La Trobe debuts first ASX-listed investment product.La Trobe Financial, the Brookfield-owned alternative asset manager with $20 billion in assets under management, has launched its first fund on the ASX.The IPO seeks to raise between $100 million and $300 million, with units priced at $2.00.La Trobe Financial chief executive Chris Andrews said the ASX listing marks a very “significant milestone” for La Trobe and its 110,000 investors.
The La Trobe Private Credit Fund (ASX: LF1) is a diversified private credit strategy. The fund offers a “balanced and flexible” exposure to Australian real estate private credit through La Trobe’s 12 Month Term Account and US-mid market corporate private credit via its US Private Credit Fund, which was developed in collaboration with Morgan Stanley.
La Trobe ranked among the top wholesale fund managers by net flows over the year to March 31, according to Rainmaker Information.Only Metrics recorded higher net flows outside ETF heavyweights Betashares, BlackRock, Vanguard, and VanEck.La Trobe’s Australia Credit Fund 12 Month Term Account topped actively managed funds by net flows over the period.
Metrics Credit Partners has ruled off its $315 million master income trust placement after investors streamed into the offer. Street Talk understands the book build was shut before the market closed on Thursday as joint lead managers Morgans, Taylor Collison, E&P Capital, Ord Minnett and NAB hit the phones. Metrics funds and Pinnacle-associated entities had put up $100 million to cornerstone the raising. However, this was scaled back to roughly $21 million given the demand. The effort shows retail investors’ continued demand for private credit against the backdrop of volatile equity markets and the phasing out of the $43 billion bank hybrid market. After the raise, the Metrics Master Income Trust will hold a $2.44 billion net asset value.
LICATs Weekly Summary
Name Code Closing Price Running Yield NTA Premium/(discount) to NTA Market Capitalisation (millions) Average Daily ASX turnover (000s) Acorn Capital Investment Fund ACQ 0.735 #N/A 1.10 -0.33 65.64 56 Glennon Small Companies GC1 0.465 0.07 0.79 -0.41 22.44 31 Katana Capital KAT 1.2 0.02 1.34 -0.10 37.21 7 KKR Credit Income Fund KKC 2.29 0.09 2.46 -0.07 738.60 431 MCP Income Opportunities Trust MOT 2.02 0.08 2.15 -0.06 671.95 397 MCP Master Trust MXT 2.05 0.08 2.01 0.02 2181.11 1087 Perpetual Credit Income Trust PCI 1.195 0.08 1.11 0.08 581.44 505 Qualitas Real Estate Income Fund QRI 1.62 0.08 1.61 0.01 985.89 283 WAM Alternative Assets WMA 0.96 0.08 1.19 -0.20 188.33 209
Closing price as at end of week.