An investment trust launched by Merian, the investment company span out of Old Mutual Global Investors by Richard Buxton, has confirmed it has exceeded the £50m target it aimed to raise from investors in an additional fundraising round.
Merian Chrysalis Investment Company raised £100m through its initial public offering last November. Some of its biggest initial investments included into challenger banks Starling Bank and Growth Street, as part of a strategy to target late-stage private companies.
The trust announced in March that it was looking to raise another £50m.
It confirmed today that this target is now “well covered” by orders from both institutional and private investors, and expects final funds raised to be “significantly in excess” of £50m.
Merian will cap the gross funds raised under this placing at £100m.
The number of new shares will be confirmed shortly, and shares are expected to be admitted to the main market on 18 April after the offer closes later today.