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Buxton’s OMGI to launch trust investing in unquoted companies

Richard-Buxton-600x385.jpgRichard Buxton’s fund firm is planning to launch a private equity trust, which will invest in unquoted companies.

Merian Chrysalis Investment Company is looking to raise £200m through an initial placing.

Old Mutual Global Investors, led by Buxton, revealed in July it was changing its name to Merian Global Investors in the autumn.

Quilter completed the sale of the single-strategy business to TA Associates for £583m in June.

Old Mutual advice arm rebrands under Quilter banner

The new Guernsey-based closed-ended fund is the first to launch since OMGI’s change in ownership.

Its portfolio is expected to consist of between seven and 15 private investments.

The company will have an ongoing annual management fee of 0.5 per cent of its net asset value, with no fee on uninvested cash until 90 per cent of IPO proceeds are deployed.

There will also be a performance fee of 20 per cent of returns in excess of 8 per cent per year.

OMGI fund manager Richard Watts says: “This launch represents an exciting opportunity for investors to gain exposure to a high-growth area of the market that is typically difficult to access. With multiple investment opportunities across a range of evolving sectors, we believe there is an excellent opportunity to generate attractive capital returns for our investors.”

OMGI will act as investment adviser to Merian Chrysalis, with the advisory team led by Watts and fund manager Nick Williamson.

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