Strong take-up for PM Capital fund listing
Sydney-based fund manager PM CAPITAL has announced this week that the proposed Australian Securities Exchange (ASX) listing of its Global Opportunities Fund has exceeded its minimum target of $50 million following a national roadshow process.
PM Capital chief executive Chris Donohoe said the fund prospectus had been lodged less than two weeks ago but that the arranger, Ord Minnett, and joint lead managers Morgans, Taylor Collison and Bell Potter, had confirmed exceptionally strong demand for the global equity IPO.
"We have received firm broker bids in excess of $160 million, predominately from high net worth investors," he said.
The general offer was scheduled to open last Tuesday and closes on the 29 November, with shares due to begin trading on 12 December.
The company's proposed investment mandate has been based on the guidelines of the PM CAPITAL Absolute Performance Fund (APF), which has achieved a total return of 196.8 per cent since its inception in October 1998.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
