La Trobe Financial’s new private credit fund has officially launched on the ASX, with the La Trobe Private Credit Fund (ASX: LF1) going live Friday last week following an oversubscribed initial public offering (IPO) that raised the maximum $300 million.
The IPO closed on June 13, after attracting bids exceeding the maximum raise target. The strong response followed a cornerstone offer that became oversubscribed within 24 hours, underscoring investor appetite for private credit exposure even amid ongoing market uncertainty.
La Trobe Financial CEO Chris Andrews (pictured) described the ASX listing as a milestone moment, saying it marked the first time investors and adviser partners could access the firm’s private credit strategies via the exchange.
“The success of the IPO against a backdrop of incredible market, economic, and political volatility is significant,” Andrews said in a media release.
“It demonstrates the high level of trust in La Trobe Financial to add real and genuine value to investor portfolios at all points along the economic cycle. Investors need choice in product and delivery method, and value quality, diversified, investment solutions. LF1 meets those goals.”
He added the fundraise confirms “the market’s view of La Trobe Financial as a market leader for high-quality retirement-focused investment solutions.”
La Trobe Financial’s LF1 listing marks the company’s first ASX-listed product, expanding access to its offerings across direct, platform, and now listed channels. The firm, with more than $20 billion in assets under management, continues to grow its Australian real estate and US private credit strategies.
The IPO was brought to market with support from a syndicate including lead arranger CommSec, and joint lead managers Taylor Collison, Ord Minnett, Morgan Stanley and Shaw & Partners.
To support ongoing performance, La Trobe Financial has also established capital management initiatives including quarterly off-market buybacks.
LF1 combines La Trobe Financial’s two flagship private credit strategies: the award-winning 12-month term account, which offers exposure to Australian real estate private credit, and its US mid-market corporate credit strategy.
The listed fund targets monthly distributions with a cash yield goal of RBA official cash rate + 3.25% p.a. (net of fees, costs and taxes incurred by LF1).
“We are pleased with the success of our Initial Public Offering and the support LF1 has received amongst investors,” said chief investment officer Chris Paton.
“Investors who recognise that there’s always a home in portfolios for high-quality product offerings thoughtfully constructed to perform across all economic and market cycles. The uniqueness and strength of LF1 has been recognised by market, and has enabled us to collaborate with a high-quality syndicate group, secure multiple product ratings, and gain inclusion across leading investment platforms and wraps.”
Paton noted the launch 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.”
“The success of LF1 is a testament to the incredible distribution capabilities and deep trust we have built over many years. We look forward to delivering a pipeline of new high-quality products to market in the months and years ahead.”
