Community Capital Credit Fund announces December close at $636M AUD

(Sydney, Australia): Community Capital is pleased to announce the December close of the Community Capital Credit Fund at $420M USD ($636M AUD).

Alongside existing cornerstone investors ART, Minderoo, Legal Super and MLC, the fund has secured an allocation from the Queensland Investment Corporation (QIC) & LGT Crestone.

Community Capital Co-Founder and Executive Portfolio Manager Laurence Marshbaum said that the additional investors will elevate the impact of the Fund.

“This additional investment represents a close of 50% per cent above our original target of $280m USD, meaning that we will be able to meaningfully grow the social impact that the fund will seek to make,” said Mr Marshbaum.

“We’re grateful to the new investors for their confidence in Community Capital as an effective portfolio manager that aims to earn strong returns for investors, while creating sustainable positive social impact.”

To support the additional investments in the fund and diversify the fund’s portfolio, the Community Capital Credit Fund has welcomed additional managers to the portfolio. The additional partnerships are with leading global asset management firms ICG (Intermediate Capital Group) based in London and Bain Capital Credit based in Boston.

“We’re proud to add two exceptional market leading global private credit funds with strong track records in private credit,” said Mr Marshbaum, “through ICG and Bain Capital Credit’s generous support, we will be able to effectively deploy these additional funds and diversify our exposure.”

In announcing their partnership with Community Capital, ICG Australia Head of Institutional clients, Greg Fendler commented;

“We are delighted to announce our partnership with Community Capital and believe that their unique model is creating impactful outcomes in a market that is of great importance to our business. We are also proud to see Community Capital supporting organisations at work in the field of social mobility and education which is central to our firm’s ethos.”

Bain Capital’s Head of Credit, Australia, Mitchell Stack, also commented that “we are thrilled to able to continue our support of Community Capital, having been a supporter from the very start. We believe that Community Capital is a wonderful initiative that provides a truly unique way for the financial community to come together to support worthy social impact at a time when it is most needed”.

The fund has also relied on the support of Evolution Trustees (trustee), iPlatforms (administration platform), Allen Partners (capital advisory), Aksia (research) and Ashurst (legal adviser).

Ends

About Community Capital

Community Capital PM Pty Limited is a portfolio management firm founded by Barrenjoey Capital Partners and Executive Portfolio Manager Laurence Marshbaum OAM. The firm seeks to generate strong investment returns for investors alongside meaningful community based social impact.

About the Community Capital Credit Fund

The Community Capital Credit Fund will provide diversified global private debt exposure through leading Managers such as Partners Group, Varde Partners, Hayfin, PAG, Bain Capital Credit and ICG. In order to effect the social impact of the fund, these Managers have contributed capacity in their funds on a pro bono basis.  The Management fees of CCCF (net of operating costs) payable by investors in the Fund will then be donated by Community Capital to social purpose organisations providing them with a sustainable source of funding over the life of the fund.

The fund has been established with support and a cornerstone investment from Australian Retirement Trust, along with foundation investments by Minderoo Foundation, MLC Asset Management (a part of Insignia Financial), Legalsuper and other foundations.

Evolution (trustee), Iplatforms (administration platform), Allen Partners (capital advisory), Aksia (research) and Ashurst (legal adviser), have all offered low or pro bono support to establish the fund.

About Barrenjoey Capital Partners

Barrenjoey Capital Partners is a proudly Australian financial services firm. It is uniquely majority staff owned and locally managed with global reach through a strategic partnership with Barclays. Entrepreneurial and partnership focused, Barrenjoey aims to deliver great ideas and opportunities to help clients succeed. Barrenjoey also passionate about driving positive social outcomes for communities that rely on corporate support.