La Trobe Financial has successfully completed the initial public offering for its La Trobe Private Credit Fund (ASX: LF1), with the fundraise closing on June 13 after attracting bids exceeding the maximum $300 million target.
The oversubscribed offering follows strong investor demand, with the earlier Cornerstone Offer also becoming oversubscribed within 24 hours of opening. The fund was brought to market through a syndicate led by CommSec, with joint lead managers including Taylor Collison, Ord Minnett, Morgan Stanley, and Shaw & Partners.
La Trobe Financial CEO Chris Andrews said the successful raise demonstrated continued investor confidence despite 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,” Andrews said. “It confirms the market’s view of La Trobe Financial as a market leader for high-quality retirement-focussed investment solutions.”
The fund represents the first time La Trobe Financial investors can access the company’s strategies through the ASX. Chief investment officer Chris Paton highlighted the achievement, noting it demonstrated “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.”
LF1 combines two flagship private credit strategies into a single investment vehicle. The fund offers balanced exposure to Australian real estate private credit through its 12 Month Term Account, and US mid-market corporate private credit through the La Trobe US Private Credit Fund.
The fund targets monthly distributions with a cash distribution yield of RBA Official Cash Rate plus 3.25% per annum, net of fees, costs and taxes. La Trobe Financial has established capital management initiatives including quarterly off-market buybacks to support ongoing performance.
Established in 1952, La Trobe Financial manages over $20 billion in assets under management. The company’s flagship 12 Month Term Account has received Money magazine’s “Best Credit Fund – Mortgages” award for 16 consecutive years.
The fund is expected to list on the ASX and commence trading from June 27.
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