Summary
LONDON (HedgeWorld.com) - BH Macro, the listed feeder fund of Brevan Howard's global macro fund, has raised 770 million euro ($1.012 billion) in its initial public offering, making it the second biggest intake of cash ever for direct investment in a hedge fund vehicle. It is the first time that a single-manager fund has listed on the main board of the London Stock Exchange.
"It is almost entirely new money," Ian Plenderleith, the chairman of BH Macro, said in an interview, confirming that over 90% of the funds raised came from investors not already in the closed global macro fund. "We think it has a good spread across the constituencies you would expect to invest in a global macro hedge fund."See the full content of this document
Extract
Brevan Howard Ipo Raises $1 Billion
Euro- and dollar-denominated shares accounted for about 80% of the IPO, suggesting that U.K. institutions continue ...
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