In a statement the investment management firm described the IPO of the Perpetual Equity Investment Company (PIC) as the “largest capital raising for an LIC since the GFC”.
“The IPO closed on Friday 28 November, well exceeding its initial raising target of $150 million,” said the statement.
Perpetual Investments group executive Michael Gordon said the raising – which closed on 28 November – shows PIC has “struck a chord” with investors and their advisers who are seeking direct and transparent investment within a diversified portfolio.
“PIC recognises the changing behaviours of Australian investors and has been designed to respond to their specific needs,” Mr Gordon said.
“We are delighted the market has shown such confidence in Perpetual Investments’ proven investment process and that investors are now choosing to access it through a new channel,” he said.
Perpetual launched PIC in October 2014 with the aim of providing investors “regular income and long-term capital growth” through investment in Australian listed securities with a mid-cap focus.
“We believe the mid-cap segment offers more value and diversification, particularly to SMSF investors whose portfolios have typically been concentrated in local banks and resources,” Perpetual portfolio manager Vince Pezzullo said.
Perpetual’s capital raising of PIC also follows receipt of a ‘recommended’ rating from research houses Lonsec and Zenith in October 2014.
The investment manager also said it expects the LIC will be listed on the ASX on 18 December 2014.
