Gowling WLG has advised Liberum Capital Limited ("Liberum") and Fidante Partners Europe Limited ("Fidante") on the open offer to shareholders and placing of C Shares in Ranger Direct Lending Fund plc ("Ranger") to raise up to £40 million.

The issue forms part of a placing programme whereby Ranger will look to raise £200 million.

Ranger invests in debt instruments originated or issued by direct lending platforms and its shares are admitted to the premium segment of the official list and to trading on the main market of the London Stock Exchange.

This transaction is one of a rapid succession of transactions by Ranger where Gowling WLG has advised Liberum.  Ranger's initial IPO was in 2015, raising £135 million.  In December 2015, Gowling WLG advised Liberum on a "tap" issue by Ranger that raised £14.1 million.

Then, in two separate transactions in August 2016 and November 2016, Ranger's wholly owned subsidiary (Ranger Direct Lending ZDP plc) issued £53 million of zero dividend preference shares by way of placings undertaken by Liberum  - again advised by Gowling WLG.

Nick Heather, corporate partner at Gowling WLG, advised Liberum and Fidante on the current transaction and advised Liberum on the previous issues by Ranger. He said: "Ranger has been one of the successes in terms of the alternative lending market and continues to grow and prosper".

Gowling WLG's Investment Funds team has a strong reputation for closed ended listed funds, advising issuers, investment management houses and the investment banks and brokers that advise them. It brings together experts in tax, corporate, finance, regulatory and dispute resolution to provide a full legal service to Investment Fund clients.