Revolution AM’s private credit fund draws $1bn in bids ahead of ASX debut
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The news: Revolution Asset Management has received cornerstone and broker offers in excess of $1 billion for its Revolution Private Credit Income Trust that will be listed on the ASX.
The numbers: The listed investment trust’s (LIT’s) units were offered at a subscription price of $2 and targeted a total raise of $400 million.
The context: The LIT is set to float on the ASX on 22 September and will invest in senior secured corporate loans, asset backed securities and commercial real estate loans. The underlying investment strategy includes senior secured loans to companies including Colonial First State, Arnott’s and Lumus Imaging.
What they said: Revolution chief investment officer Bob Sahota said: “The launch of the Trust reflects our commitment to making private credit more accessible through a structure that is transparent, liquid and aligned with investor interests.
“...The Trust represents the natural evolution of our strategy and a significant milestone in our growth as a specialist private credit manager. We’re encouraged by the strong interest we have received to date.”
The source: Revolution Asset Management release
