ECPAM explained that the offering is targeting a “maximum of $50 million”, with the LIC aiming to “achieve medium to long-term” capital growth and income through dividends.
ECPAM’s Dr Manny Pohl highlighted that the main target investor of the Barrack Street Investments LIC capital raising would be “small super funds”.
“It’s widely acknowledged that SMSFs' bias are heavily weighted to the ASX Top 50 companies and cash,” he added.
“Barrack Street will provide investors with a convenient and familiar pathway to high quality stocks outside the ASX Top 50."
Dr Pohl said he believes there is strong demand for a specialist small and mid-cap investor like the one ECPAM is offering.
“We believe it will find favour with the increasing number of SMSF trustees looking for strong income yields, capital growth and low risk,” he added.
ECPAM indicates that Barrack Street will aim to exceed a benchmark return of eight per cent per annum.
The launch of the LIC follows the news that Westoz Investment Management would be rolling out two new LICs in the coming months under the direction of former MLC boss Steve Tucker.
