360 Capital Group Income fund to list on ASX
360 Capital Group has announced it has set up the 360 Capital Credit Income Fund which will be listed on the Australian Securities Exchange (ASX) in the second half of 2020.
The new fund, which would be led by the group’s head of private credit Chris Chase and its investment team, would target direct private lending to mid-market Australian and New Zealand corporates.
It would have an exposure to senior secured first lien loans providing capital protection to investors and would seek diversification of exposures through industry allocation. The fund would also target a return of 5% above the RBA Cash rate paid in monthly distributions, the firm said.
The 360 Capital Credit Income Fund would undertake a corner stoning process early 2020 and would be expected to list shortly thereafter with the proposed raising capped at $500 million, with 360 Capital Group contributing $50 million of the cornerstone raising.
“There is a significant market opportunity for domestic private lending being driven by the shifting appetite from banks as a result of increased regulatory oversight, tighter lending standards and the growing market acceptance for alternate financing solutions,” Chase said.
The company said it had a track record in delivering non-bank real estate lending and that it had a strong governance and risk management platform to deliver transaction execution.
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
As ASIC chair Joe Longo pushes firms to prepare for the upcoming mandatory climate disclosure regime, what skills are necessary if firms are looking to expand their ESG teams?
First Sentier Investors has announced it will close four of its Australian investment teams amid a simplification of the business, with $14 billion expected to be returned to investors.