Baillie Gifford has raised just over $477 million (£364 million) for Schiehallion Fund (MNTN), the pure pre-IPO investment company it launched for institutional investors this week.
The amount raised in the share placing for the Guernsey-based fund falls short of Baillie Gifford’s upper target of $600 million but is ahead of the $250 million sought by the Edinburgh-based partnership.
Schiehallion will be managed by Peter Singlehurst, head of Baillie Gifford’s unlisted equities team, who will invest the money in minority positions in rapidly growing technology-backed ‘disrupters’ worth at least $500 million at the time of investment.
The launch, which was backed by a group of North American pension funds, significantly lifts the amount of money raised by London-listed investment companies in the first quarter of the year.
The ‘closed-end’ fund sector got a further boost today with Supermarket Income (SUPR) announcing it had raised £45 million in an over subscribed share placing, nearly double the amount first sought by the real estate investment trust.