Hearts and Minds Limited’s A$500 million initial public offering and listing on ASX

Ashurst advised Commonwealth Securities Limited, National Australia Bank Limited and Crestone Wealth Management Limited, as joint lead arrangers, of the proposed initial public offering by Heart and Minds Investments Limited to raise up to A$500 million and listing on ASX.

Hearts and Minds Investments Limited is a new listed investment company which has been established with the combined objective of providing exposure to a concentrated securities portfolio of the highest conviction ideas from leading fund managers, while also supporting Australian medical research institutes.

Hearts and Minds will create a portfolio of long positions in approximately 25 Australian and internationally listed securities based on annual recommendations from fund managers who present at the Sohn Hearts and Minds Investment Leaders Conference and on quarterly recommendations from other selected leading fund managers, which include Caledonia, Cooper Investors, Magellan Asset Management, Paradice Investment Management and Regal Funds Management.

Hearts and Minds has agreed to forego any investment fees and instead will make donations based on a percentage of NTA every six months to designated charities including The Victor Chang Institute, The Brain and Mind Centre, the Charlie Teo Foundation and the Florey Institute of Neuroscience & Mental Health. The fund managers have also agreed to waive any fees that they would normally charge for the provision of services to the Company, as have the Directors and other service providers to the Company.

The Ashurst team was led by corporate partner Sarah Dulhunty (picture), assisted by senior associate Scott Lai and lawyers Diana Oh and Ben Lyttle. The Ashurst team provided services to the Joint Lead Arrangers on a pro bono basis to support the charitable objectives of Hearts & Minds.

Involved fees earner: Sarah Dulhunty – Ashurst; Scott Lai – Ashurst; Diana Oh – Ashurst; Ben Lyttle – Ashurst;

Law Firms: Ashurst;

Clients: National Australia Bank; Commonwealth Securities Limited;