Centrepoint Alliance has completed its $14 million capital-raising through institutions, sophisticated investors and a rights issue.

The company raised $2.6 million from institutions and investors and then a further $11.4 million through a one-for-three rights issues from shareholders.

The rights issue experienced a shortfall, with about a third of the placement being allocated to the sub-underwriters which included Centrepoint directors John de Zwart and Matthew Kidman.

The company intends to use $5 million of the capital raised for premium funding growth, $1 million for capability funding of the wealth management division and $3 million to meet requirements for its Australian financial services licence. 

The remaining $4.4 million will be used to strengthen Centrepoint Alliance’s balance sheet.