The long-short fund of L1 Capital is set to raise $500 million ahead of its ASX listing in late April.
The launch of L1 Capital's listed investment company, announced to the market in February, is expected to raise $500 million – well above the minimum target of $100 million.
The L1 Long Short Fund Limited will mirror the investment strategy of the existing L1 Capital Long Short Fund, which is closed to new investors.
Investors are jumping at the chance to participate in the float, with strong demand from cornerstone investors pushing the expected capital raise to $500 million.
National Australia Bank is the lead arranger for the offer, supported by Morgan Stanley, Ord Minnett, Taylor Collison, Wilsons, Morgans and Crestone.
Bell Potter, Macquarie, First NZ, Hunter Capital and Shaw and Partners will act as co-managers for the new listed investment company.
The offer opened to investors yesterday. The broker offer will close on 29 March, and the general offer will close to investors on 6 April.
The expected listing date (with the ASX ticker LSF) is expected to be 24 April.
The interest rate environment across the world is at historic low and it will most likely stay that way for years to come. ...
Morgan Stanley has reported net revenues for the quarter ending 30 June down by 4 per cent or $517 million from a year ago, despite strong g...
After much speculation, NAB has appointed its new chief executive following the departure of Andrew Thorburn. ...