REV – Revolution Private Credit Income Trust
A small group of existing investors have put in $150 million in firm cornerstone commitments, the total offer has been raised to $400 million from $300 mimillion. Reports are that more than $200 million of interest was lodged in the first 24 hours.
REV will offer a listed entry point into its $2.8 billion flagship investment strategy, which invests in a portfolio of 54 Australian and New Zealand senior secured corporate loans and asset-backed securities. This includes loans to large private-equity backed companies like KKR’s MYOB, Colonial First State and Arnott’s, typically to assist with acquisitions, and blue-chip non-bank lenders Latitude Financial Services and ScotPac, from B to AAA credit quality. The fund shuns property development loans and small-business lending..
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Similarly to Pengana and MA Financial, Revolution is proposing to tackle the troublesome discount problem by making quarterly off-market buybacks. REV and other Revolution funds can also buy units on market.
This is the fifth private credit trust to IPO on the ASX this year.
