Baillie Gifford has raised £173 million for its ‘patient capital-style’ US Growth Trust (USA).
Although a bit below the £250 million it was hoping to raise, the figure represents a solid base for the new closed-end fund, which commence trading on the London Stock Exchange on 23 March.
As revealed by Citywire
It will target ‘exceptional growth companies’ operating in fields with strong barriers to entry.
The trust can invest up to 50% in unlisted securities, mirroring the approach of its flagship sister fund, Scottish Mortgage.
The trust’s chairman Tom Burnet told the stock market in an announcement: ‘The board is very pleased by the positive response to the IPO from such a broad range of investors. We believe that the strength of the investment proposition, backed by the expertise of Baillie Gifford, provides the foundation for an attractive and enduring product.’
You can watch portfolio manager Gary Robinson and deputy manager Andrei Kiselev discuss the new trust here.