I'm always on the lookout for a good listed investment company (LIC) that could create good returns after fees for my portfolio, or be of interest to readers.
A new LIC may be hitting the ASX boards in a couple of months in November 2018.
The AFR's Street Talk understands Magellan Financial Group Ltd's (ASX: MFG) Hamish Douglass, Australia and New Zealand Banking Group's (ASX: ANZ) Chairman David Gonski, Solomon Lew of Premier Investments Limited (ASX: PMV), the Lowy family of Westfield fame and the Paul Ramsay Foundation are among investors that have signed up for the first $100 million of the capital raising for the proposed LIC.
Hearts and Minds Investments Ltd is the name of the proposed LIC and it will apparently invest in ideas from the annual Sohn Hearts & Minds investment conference. That conference raises money for medical research partners to help cure diseases.
It's likely that the new LIC will support medical charities in a similar way that Future Generation Global Investment Co Ltd (ASX: FGG) helps youth charities. Sohn Hearts & Minds charity partners include Victor Chang Cardiac Research Institute, MS Research Australia, Murdoch Children's Research Institute, The Black Dog Institute and JDRF Australia.
A large array of brokers are supposedly involved in raising money for the LIC including Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd (ASX: NAB).
A draft prospectus is expected to be lodged with ASIC soon. I imagine this LIC will have some sort of global investment mandate considering the involvement of Mr Douglass.
Foolish takeaway
With a potential listing only two months away it would seem $500 million is a fairly hefty target. If it is globally focused I will be very interested to look at the fees, the potential investments and the charitable causes. I may decide to invest if it ticks the right boxes.
