The first listed investment trust on the Australian Securities Exchange, MCP Master Income Trust (MXT), opened to investors yesterday. MXT will also become the first LIT to offer a "direct, diversified exposure" to Australia's corporate lending market, an area "dominated by banks and not easy to access for non-bank investors", the fund manager said in a media release.The investment portfolio will be actively managed by Metrics Credit Partners, an Australian debt specialist fund manager that currently manages wholesale funds with assets in excess of A$2 billion.Announcing the launch of the fund, MCP Managing Partner Andrew Lockhart said the newly raised funds would provide investors with exposure to a portfolio reflecting activity in the Australian midmarket corporate loan market, diversified by borrower, industry and credit quality. The fund's managers said MXT would have exposure to more than 50 individual investments immediately, with a near-term target of 75 to 100 individual investments. They will steer clear of banks, though, as the firm's philosophy is to is take on a bank-like market exposure - not surprising given that the team are former NAB execs and NAB has a large minority stake (35 per cent) in MCP.The fund will target loans that generate monthly cash income to service a target yield of RBA cash rate plus 3.25 per cent per annum (currently 4.75 per cent) net of all fees and costs, with low risk of capital loss.The initial public offering is seeking to raise up to $500 million from investors in Australia and New Zealand at a unit price of $2.00.