La Trobe Private Credit Fund edges higher on ASX debut
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The news: Shares in La Trobe Private Credit Fund lifted after listing on the local exchange today.
The numbers: Shares in the listed investment trust (LIT) were up 0.5% to $2.01 at 1:10pm AEST, edging higher than the fund's net asset value (NAV) of $2 per share.
The context: Half of the private credit fund is invested in mid-market US private credit through the company’s partnership with Morgan Stanley. The other half is in Australian real estate private credit through La Trobe’s 12 month term account.
More private credit LITs are set to IPO later this year due to the ending of bank hybrid securities along with investors wanting the benefits of credit funds trading in line with their net tangible assets and strong dividend yields.
What they said: “For the first time, our investors and adviser partners can access our high-quality, private credit investments on the ASX,” La Trobe Financial CEO Chris Andrews said.
“The success of the IPO against a backdrop of incredible market, economic, and political volatility is significant. 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.”
The source: La Trobe media release
