Boutique Australian equities manager ECP Asset Management (ECPAM) has released a prospectus for Barrack Street, launching a new small and mid-cap listed investment company (LIC).
ECPAM head Manny Pohl said the Barrack Street Investments LIC capital raising targets small self-managed super funds (SMSFs) with less than five members.
It will provide investors access to stocks outside the Australian Securities Exchange (ASX) top 50.
The offering, which will target listed Australian equities, will aim for a maximum of $50 million, while the LIC aiming at medium to long-term capital growth and income through fully franked dividends.
Barrack Street aims to exceed a benchmark return of 8 per cent per annum.
The offer is valued at $1 a share and investors in the initial public offering will get a free 24-month option for every share they subscribe for, applicable at $1.
Morgans Corporate is the leader manager to the offer, which will close on 31 July.