DLA Piper advises La Trobe Financial Asset Management Limited on the establishment and IPO of the La Trobe Private Credit Fund

DLA Piper has advised La Trobe Financial Asset Management Limited (La Trobe Financial) on the establishment and initial public offering of the La Trobe Private Credit Fund (ASX: LF1) (Fund). The IPO received applications beyond the maximum fund raising provided for under the offer of AUD300 million and will list on the ASX on 27 June 2025. The Fund will be the first listed investment vehicle managed by La Trobe Financial.

The structure of the Fund allows investors to gain exposure to La Trobe Financial’s Australian and US  private credit offerings with the flexibility to buy and sell units on the ASX, as well as an innovative mechanism to buy back units off-market at the NAV price on a quarterly basis, a unique capital management initiative which DLA Piper helped pioneer for this sector of the funds market.

The DLA Piper team was led by Martin Jamieson, partner in the firm’s Investment Management and Funds sector team and assisted by senior associates Edwin Kwok, Timothy Lou, and solicitor Wayne Ho (all Corporate). Tax partner Eddie Ahn and New Zealand Funds partner Tom Barnes also advised on the transaction.

Martin Jamieson commented: “Despite a backdrop of market and regulatory uncertainty, we achieved a fantastic outcome for our client with the successful listing of the Fund, which aligns both with La Trobe Financial’s organisational strengths and ambitions for growth. It’s a clear signal from the market that there continues to be strong demand from investors for an income product that also provides for flexible on and off-market exit options”.

Martin Jamieson assisted with more IPOs on the ASX for listed investment trusts (LITs) and listed investment companies (LICs) during 2024 than any other legal provider. He has now assisted with the first LIT/LIC IPO post the market dislocation earlier this year and has led the market in developing innovative capital management initiatives, which have revitalised the entire sector.