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Baillie Gifford targets £250m for US ‘patient capital’ trust

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Baillie Gifford targets £250m for US ‘patient capital’ trust

Baillie Gifford aims to raise £250 million for a US ‘patient capital-style’ investment trust, its first new closed-end fund launch in 32 years.

Revealed by Wealth Manager last week, Baillie Gifford has now confirmed its plans for the US Growth Trust, which will invest in both listed and unlisted stocks.

Initially, the trust would be a mirror of the £1 billion Baillie Gifford American fund, which invests in listed large US stocks.

Its lead manager is Tom Slater (pictured), joint manager of the group’s flagship Scottish Mortgage Trust (SMT), who also oversees its North American equity team.

The trust will be run by Gary Robinson, who has worked at Baillie Gifford for 15 years and who previously managed the North American team, along with deputy managers Helen Xiong and Andrei Kiselev.

It will also have input from Peter Singlehurst who runs a team of analysts looking at private companies which Baillie Gifford has found are delaying their debut on stock markets for up to 11 years, compared with four previously.

Robinson said the trust will provide investors with the chance to gain exposure to 'truly innovative growth companies' in the US.

He added: 'For over two decades, our American fund has successfully invested in these companies in the public markets.

'This new investment trust will allow the team to take the same distinctive philosophy and process that has served our American fund so well and apply it to a broader opportunity set which includes both public and unquoted companies.'

Wealth Manager understands Baillie Gifford partners intend to back the trust with around £10 million to 20 million of their own money.

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Tom Slater
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