MA Financial secures $171m for first listed investment trust
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The news: Alternative asset manager MA Financial Group has secured $171 million in cornerstone commitments for its first listed investment trust, MA Credit Income Trust, which is poised to float on the ASX in March.
The numbers: The new fund targets a return of the RBA cash rate, plus 4.25% per year, over a rolling 12-month period via exposure to a portfolio of Australian, New Zealand and global credit investments.
The $171 million commitment in cornerstone capital takes MA Financial more than halfway to its $300 million target for its pre-listing offer period.
The context: MA Financial will lodge the relevant paperwork with the Australian Securities and Investments Commission on Monday, ahead of a pre-listing offer period commencing on 28 January. The fund is expected to list on the ASX on 5 March.
What they said: "The launch of the MA Credit Income Trust marks an important step for MA Financial, as we continue to broaden our offering to clients and build our presence as a leading private credit asset manager," said MA Financial's joint CEO Chris Wyke.
The source: MA Financial media release
