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Gryphon Capital Investments : Launches IPO for Gryphon Capital Income Trust, Raising $350 Million

03/20/2018 | 07:14pm EDT

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.

© Business Wire 2018
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