Australia’s Platinum Asset Management (PAM) has launched Platinum Asia Fund listed investment company (LIC) to invest in Asia, outside of Japan.
The company has already filed a prospectus with the Australian Securities and Investments Commission (ASIC) and intends to raise up to $600m to invest in the region.
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The new fund will focus on providing long-term capital growth through investing primarily in undervalued listed securities of companies in the Asia region ex Japan.
Platinum has selected CBA Equities as sole arranger to the initial public offering (IPO).
The LIC portfolio will be managed by Joseph Lai, the portfolio manager of Platinum’s existing unlisted Asia Fund. The fund will particularly focus on China and India.
The Platinum fund aims to invest mainly in stable companies in Asian markets such as tourism companies and car manufacturers in China or ports in India.
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