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The other IPO: La Trobe's ASX debut could open the floodgates for private credit floats

While all eyes are on Virgin, another new listing on the ASX this week will push the amount raised by private credit funds beyond $1 billion. And there's more to come.

Jassmyn Goh
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There will be more listed investment trusts and listed investment companies floating on the ASX despite a dearth in IPOs from traditional industrial company listings. Shutterstock/Adwo.

While the long awaited float of Virgin will capture most of the attention this week, there's another IPO on the ASX this week with significance beyond the public equity market.

The La Trobe Private Credit fund is set to list on Friday, adding to more than $1 billion in capital raised for the booming sector this year. And it could be just the beginning.

Joint lead manager of the La Trobe float, Ord Minnett’s managing director, corporate finance, head of syndication Damien Menzies told Capital Brief that while there was a lack of traditional industrial company listings on the ASX, this was not the case for private credit LICs and LITs.

“I can tell you, there is a deep pipeline of more than half a dozen private credit managers we're speaking with that are in the process of preparing to list during the second half of this year. They're quality credit managers,” Menzies said.