17 April 2026
DLA Piper advises on the launch of listed investment company Solaris Australian Equity Income Plus
Global law firm DLA Piper advised Solaris Investment Management on the structuring and initial public offer (IPO) of Solaris Australian Equity Income Plus Limited (ASX:SET) (Fund). The Fund offers an equity income strategy with the aim of generating regular distributable income inclusive of franking credits, and through the IPO raised approximately AUD190 million in capital from retail and wholesale investors. The Fund commenced trading on the ASX on 17 April 2026. Solaris Investment Management is an affiliate of the Pinnacle Investment Management group.
The portfolio of the Fund will be managed by Solaris Investment Management Limited, utilising the same investment philosophy and income-focused approach that underpins the Solaris Australian Equity Income Fund, an unlisted fund that is in its 10th year of operation.
The Fund's strategy is founded on proprietary fundamental research, disciplined and responsible portfolio construction, and an emphasis on identifying sustainable income opportunities within the Australian equity market.
The Fund intends to pay monthly income in the form of franked dividends to shareholders.
The DLA Piper team assisted Solaris Investment Management and Pinnacle on all aspects of the Fund's formation, including structuring, the prospectus, due diligence, tax, management agreement, the application for ASX listing and ASX waiver, website, marketing, offer management agreement, governance policies and charters. The firm also assisted with the efficient use of ASIC's new fast-track process.
SET is the first listed investment company (LIC)/listed investment trust (LIT) to list with an offer period commencing after the dislocation occurring in the Middle East commencing on 28 February 2026.
The team advising Solaris Investment Management was led by Corporate partner Martin Jamieson with support from special counsel Kelvin Lau and solicitor Wayne Ho. Partner Eddie Ahn also advised on the tax aspects of this transaction.
Commenting on the transaction, Martin Jamieson said: "This IPO demonstrates what can be achieved through careful structuring and close collaboration, even in uncertain market conditions. We worked closely with Solaris Investment Management and Pinnacle to efficiently bring SET to the ASX, reinforcing our position as a leading legal adviser to the LIC and LIT market."