Perpetual has announced its listed investment company (LIC) has raised $250 million during its IPO, which it says is the largest LIC capital raising since the GFC.
Having been launched in October, the investment manager says the capital raising for the Perpetual Equity Investment Company (PIC) exceeded expectations.
“The IPO closed on Friday 28 November, well exceeding its initial raising target of $150 million,” a statement from Perpetual Investments said.
“It has raised more than $250 million making it the largest capital raising for a LIC since the global financial crisis,” it said.
Perpetual Investments group executive Michael Gordon said the capital raising shows PIC has “struck a chord” with investors and their advisers.
“PIC recognises the changing behaviours of Australian investors and has been designed to respond to their specific needs,” Mr Gordon said.
“We are delighted the market has shown such confidence in Perpetual Investments’ proven investment process and that investors are now choosing to access it through a new channel,” he said.
Perpetual Investments launched PIC in October with the aim of “providing investors regular income and long-term capital growth” through investment in Australian listed securities with a mid-cap focus.
“We believe the mid-cap segment offers more value and diversification, particularly to SMSF investors whose portfolios have typically been concentrated in local banks and resources,” Perpetual portfolio manager Vince Pezzullo said.
The capital raising also follows the LIC receiving a ‘recommended’ rating from research houses Lonsec and Zenith in October 2014.
“PIC expects to be listed on the Australian Securities Exchange on 18 December 2014,” Perpetual Investments said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- 14 Nov 2018Hayne commission driving adviser tech shiftBy Adrian Flores
- 12 Nov 2018InvestSMART launches maxed feesBy Sarah Simpkins
- 13 Nov 2018Advice demand soaring despite reputation hitBy Adrian Flores
- 12 Nov 2018Former premier, advisers sound alarm on sex discriminationBy James Mitchell
- view all