Gryphon Capital Investments Launches IPO for Gryphon Capital Income Trust, Raising $350 Million
March 20 2018 - 8:13PM
Business Wire
Gryphon Capital Investments (GCI) has today announced the
opening of the IPO of the Gryphon Capital Income Trust (GCIT or
Fund). The responsible entity of the Fund is One Managed
Investment Funds Limited (Responsible Entity). The
Responsible Entity, on behalf of the Fund, is seeking to raise a
maximum of $350 million through the initial public offer. GCI will
act as manager to the Fund.
The Fund has a current target return of 5% per annum, equivalent
to the RBA cash rate plus 3.5%; distributions will be floating rate
and paid monthly.
GCIT provides a unique opportunity for investors to access a
portfolio of secured wholesale bonds in an ASX listed vehicle
managed by a specialist fund manager. The Fund fills a gap in the
market for stable monthly income whilst preserving capital through
a combination of portfolio diversification and more importantly
secured debt securities. Specifically, investors will for the first
time have direct access to Residential Mortgage Backed Securities
(RMBS) and Asset Backed Securities (ABS), markets that have been
solely the preserve of institutional investors in Australia.
The Fund's strategy will combine the disciplines and processes
of two of GCI's existing institutional funds. Secured Opportunities
(commenced April 2015) and Investment Grade Securitised (commenced
September 2016) strategies managed for wholesale investors that
have returned 6.93% and 5.31% net of fees per annum respectively
since inception.
Joint Arrangers and Lead Managers to the transaction Morgans and
NAB, believe that GCI’s strong track record and deep experience in
this specialist fixed income sector, make this a compelling offer
for investors looking to increase portfolio diversification. The
long term support of their institutional clients is testament to
GCI's expertise and track record of delivering capital stability as
well as stable and predictable returns. We are pleased to now
have the opportunity to provide retail investors with access to
this specialist investment manager and strategy.
Ashley Burtenshaw, co-founder and Chief Investment Officer of
GCI, said “Australian investor portfolios are overweight cash
having gravitated towards stable bank deposits that provide low
returns as a result of the record low RBA cash rate. We are pleased
to provide investors with a stable alternative, that provides both
capital protection, through investment in a diversified portfolio
of asset backed securities, along with a strong targeted monthly
income.”
Details of the Offer
The Responsible Entity, on behalf of the Fund, is offering up to
175 million new units at $2.00 per unit, to raise $350 million
(Offer). The minimum subscription is $100 million.
Gryphon Group will pay the costs of the offer such that the net
asset value of each unit at listing is equivalent to the
application price of $2.00 per unit.
To participate in the Offer
The Offer is being made under a product disclosure statement
lodged with ASIC on 6 March 2018 (PDS) and is available on
the Fund’s website www.gcapinvest.com/GCI. Applications under the
general Offer can be made by completing the application form
attached to the PDS or online through the application form
accompanying the electronic PDS. Applicants under the broker firm
Offer should contact their broker for application details.
Key Dates
Offer Open 20 March 2018
Broker firm Offer close 27 April 2018 General Offer
close 2 May 2018 Expected ASX listing (GCI.ASX)
18 May 2018
About Gryphon Capital
Gryphon Capital Investments ("GCI") (AFSL 454552) is an
independent asset management firm, specialising in fixed income
strategies, founded in 2014 by Steven Fleming, Ashley Burtenshaw
and Henry Cooke. GCI currently manages over A$1.7 billion in
segregated mandates from its offices in Brisbane and London, mostly
in securitised high grade assets.
GCI is a deep-credit, research-driven, low-volatility manager
aiming to deliver strong and stable returns to our clients not
constrained by conventional benchmarks.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180320006644/en/
WE BuchanKyahn Williamson or Verity Barritt, 03 9866
4722gryphon@we-buchan.com