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Buxton-backed investment trust hits £50m fundraise target

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.

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