Press releases | 29 Apr 2015

$200m IPO of Ranger Direct Lending Fund Plc

Overview

Travers Smith LLP has acted as English and US counsel to new investment trust Ranger Direct Lending Fund plc (the "Fund") in connection with its initial public offering.

Ranger Direct Lending Fund plc will invest in a diversified portfolio of debt obligations that have been originated or issued by direct lending platforms. In order to source debt instrument opportunities, the Fund has entered into a number of platform agreements with direct lending platforms.

Admission to the premium segment of the Official List is expected to take place at 8.00 a.m. on 1 May 2015.

The listing of Ranger Direct Lending Fund Plc follows a breakthrough period for Travers Smith's listed funds practice. 

Earlier this year, the team advised Liberum Capital Limited on the £250m C share issue of P2P Global Investments plc. In 2015, it also acted for Investec Bank plc on the £101m main market IPO of Gabelli Value Plus+ Trust Plc. 

In 2014, Travers Smith acted for investment trust Fundsmith Emerging Equities Trust plc on its £193m main market IPO.  In addition, the firm was involved in a quarter of all main market listed fund IPOs reported by the Association of Investment Companies in 2014.

The team was led by head of listed funds, Aaron Stocks and senior investment funds associate, Will Normand.

Aaron Stocks commented: "We are delighted to have advised Ranger Direct Lending Fund on its successful IPO.  The fundraising marks a further demonstration of the listed fund structure giving access to emerging asset classes.  Travers Smith has played a leading role in a number of fundraisings in this asset class and we look forward to assisting the Fund as it develops."

Wragge Lawrence Graham & Co LLP advised Liberum Capital Limited in its capacity as sponsor, broker and sole bookrunner.