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We want more! Woodford Patient Capital capacity raised to £800m

More shares will be issued due to a surge in investor demand, increasing the original capacity from £500 million.  

We want more! Woodford Patient Capital capacity raised to £800m

Woodford Investment Management is raising the share capital available for its soon-to-be launched Patient Capital trust to £800 million.

The firm said the decision had been taken following a surge in investor demand.

The trust had an initially fund raising target of £200 million when it was initially announced, with the leeway to go up to £500 million, but early investor demand has shown that this initial limit would be oversubscribed. As a result, Woodford Investment Management will make more shares available.

The investment objective and policy of the trust, which will be managed by Neil Woodford, will remain unchanged.

Woodford Investment Management chief executive Craig Newman said: 'We feel this is in everyone’s interests to do so – the scale of the upsizing is in keeping with the Trust’s investment strategy and will not impact its objective or portfolio construction, as outlined in the prospectus at the time the offer was launched. 

'Until the offer closes we won’t know whether the Trust will raise closer to £500m or £800m. But what we do know is that Neil and his team are very comfortable managing the investment strategy and deploying the eventual initial capital raised in line with the time frame set out at launch.'

The trust, which follows the launch of Woodford's £5.1 billion CF Woodford Equity Income fund, will will invest in early stage, quoted and unquoted companies in the UK and US, with exposure to blue chip companies for their dividends. At the time of the launch announcement, Woodford said there were 12 unquoted investments in the company's pipeline.

The star manager has been a fan of small, growing businesses and has picked out biotech names and disruptive financials as companies of interest.

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