Perpetual launches new LIC

Perpetual has launched a new listed investment company, to be called Perpetual Equity Investment Company Limited. The company will raise between $150m and $600m in an offer that closes on 28 November. The money will be invested mostly in Australian equities, with a mid-cap focus, along similar lines to Perpetual's existing Industrial, Concentrated Equity and Wholesale Australian strategies. It will also be able to invest up to 25% in global equities, 25% in cash and 10% in unlisted securities. There will be a borrowing limit of 10% of net asset value. Perpetual will get a 1% fee for managing the...

Perpetual has launched a new listed investment company, to be called Perpetual Equity Investment Company Limited. The company will raise between $150m and $600m in an offer that closes on 28 November. The money will be invested mostly in Australian equities, with a mid-cap focus, along similar lines to Perpetual's existing Industrial, Concentrated Equity and Wholesale Australian strategies. It will also be able to invest up to 25% in global equities, 25% in cash and 10% in unlisted securities. There will be a borrowing limit of 10% of net asset value. Perpetual will get a 1% fee for managing the fund, reducing to 0.85% above $1bn.

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