Merian Chrysalis Investment Company raised £100m with its initial public offering – half of the intended £200m – according to a London Stock Exchange notice.
It is the first trust created by asset manager Merian Global Investors – a spin-off from Old Mutual Global Investors – which Richard Buxton bought with TA Association for £583m in June.
The trust fund will invest in mature but not listed private companies.
The business rebranded to MGI last month and had £34.4bn assets under management as at 31 July 2018.
Fund’s co-manager Richard Watts says: “We are delighted to be launching the Merian Chrysalis Investment Company, which will offer investors exposure to a portfolio of exciting, later-stage private growth companies, a market that investors, typically, have had limited opportunities to access.
“Despite challenging market conditions – following the global sell-off in October, and investors adopting a cautious outlook – we are pleased to have raised £100m at launch.
“There is significant interest in the asset class and our strategy and we have identified a strong pipeline of high-growth private investment opportunities.”