Antipodes Partners has revealed its first listed investment company (LIC), the Antipodes Global Investment Company, has struck a chord with investors after officially closing its initial public offering (IPO) above $300 million.
The LIC exceeded $220 million in subscriptions on 20 September.
The raising represented the third largest LIC IPO raising in Australia.
“The LIC has struck a chord with investors seeking global equity exposure with an innate focus on capital preservation,” Antipodes Partners chief investment officer and lead portfolio manager Jacob Mitchell said.
“In addition to assisting investors to globally diversify their portfolios, the LIC will be focused on performance and income generation through the market cycle.”
The LIC is expected to list on the Australian Securities Exchange on 18 October.
Last month, Pinnacle Investment Management director Andrew Findlay, who sits on the Antipodes board as a non-independent director, said many SMSFs preferred to invest via their broker accounts and on exchange.
In addition, Findlay said generally SMSF investors were searching for long-term capital growth, steady rising dividends and capital preservation.
The Antipodes Global Investment Company offers investors access to a long-short global securities investment portfolio with a currency overlay based on the Antipodes Global Fund strategy.
Since inception, the Antipodes Global Fund has delivered 14 per cent net return as at 31 August, outperforming the MSCI All Country World Net Index by 11 per cent.
The LIC seeks to address the shortage of global equity funds that aim to deliver positive investment performance irrespective of broader market activity.
Antipodes Partners is supported by multi-affiliate investment manager firm Pinnacle Investment Management, which owns a minority stake in the business.
Pinnacle has a stable of seven specialist investment managers that collectively manage over $20 billion.