Revolution’s Private Credit Income Trust attracts strong investor interest ahead of ASX lsting

Bob Sahota

Revolution Asset Management, one of Australia’s leading specialist private credit investment firms, is pleased to announce that the Revolution Private Credit Income Trust (ASX: REV) (the Trust) has received strong investor interest through its cornerstone offer and broker firm offer with combined bids in excess of $1 billion.

Final offer documents were lodged with the Australian Securities and Investments Commission on 19 August 2025, with units offered at a subscription price of $2.00. Targeting a total raise of $400 million, the Trust’s early momentum highlights both the growing appetite for listed private credit and the confidence investors place in Revolution’s expertise and established investment approach.

The Trust will provide retail investors with listed access to Revolution’s flagship Australian and New Zealand defensive private credit strategy, focused on delivering regular income and capital preservation through a diversified portfolio of senior secured corporate loans, asset backed securities, and commercial real estate loans.

Morgans Financial Limited, E&P Capital Pty Ltd, National Australia Bank Limited, Canaccord Genuity (Australia) Limited and Commonwealth Securities Limited have been engaged to act as Joint Lead Arrangers and Joint Lead Managers. Wilsons Corporate Finance Limited, MST Financial Services Pty Limited and Shaw and Partners Limited have also been engaged to act as Joint Lead Managers.

The underlying investment strategy provides exposure to high quality corporate debt, including senior secured loans to companies such as Colonial First State, Arnott’s and Lumus Imaging, alongside well-structured asset backed loan pools and senior commercial real estate debt. Importantly, the portfolio excludes property development and small business lending, and is managed through a disciplined, institutional-grade credit underwriting process.

The Trust targets a return of RBA cash rate + 4% p.a.* (net of fees), and features a transparent fee structure with a 0.95% management fee, no performance fees, and full pass-through of loan origination fees, ensuring strong alignment with investors.

To address the growing demand for liquidity in private market investments, the Trust will implement quarterly off-market buybacks and retain the ability to purchase units on-market, offering liquidity and flexibility not typically associated with private credit investments.

“The launch of the Trust reflects our commitment to making private credit more accessible through a structure that is transparent, liquid and aligned with investor interests. As confidence in private credit continues to grow as a crucial component of diversified portfolios, this Trust offers investors a compelling solution,” said Bob Sahota, Co-Founder and Chief Investment Officer at Revolution Asset Management.

“The Trust represents the natural evolution of our strategy and a significant milestone in our growth as a specialist private credit manager. We’re encouraged by the strong interest we have received to date.”

Founded in 2018, Revolution Asset Management manages A$3.4 billion (as at 30 June 2025) on behalf of institutional, family office and wholesale investors. The firm is independently owned by its investment team.

At a glance:

• Revolution Private Credit Income Trust (ASX: REV) receives strong investor demand through its cornerstone and broker firm offer with bids exceeding $1 billion, ahead of its ASX listing on 22 September 2025.
• The Trust is targeting a total capital raise of $400 million, with early momentum demonstrating strong appetite for listed private credit.
• Units are being offered at a subscription price of $2.00, with final offer documents lodged with ASIC on 19 August 2025.
• The Trust offers listed access to Revolution’s flagship Australian and New Zealand defensive private credit strategy, investing across senior secured loans, asset backed securities, and commercial real estate loans in high-quality, non-cyclical assets.
• Investor friendly structure: 0.95% management fee, no performance fees, and 100% pass-through of all loan origination fees.
• Managed by an experienced team with proven performance across market cycles.
• Morgans Financial Limited, E&P Capital Pty Ltd, National Australia Bank Limited, Canaccord Genuity (Australia) Limited and Commonwealth Securities Limited have been engaged to act as Joint Lead Arrangers and Joint Lead Managers. Wilsons Corporate Finance Limited, MST Financial Services Pty Limited and Shaw and Partners Limited have also been engaged to act as Joint Lead Managers.