UK hedge fund manager Brevan Howard has raised an initial public offering (IPO) of $1 billion for a fund, Bloomberg reports.
The IPO is double the amount initially aimed for by the asset management firm, Brevan Howard said in a statement.
Just over 70 million shares in the fund, BH Global, have been sold.
Last year, a similar amount was raised by the firm in the IPO for another hedge fund, BH Macro – whose listing in London was a first for the UK stock exchange.
“To have raised $1 billion in these markets is a great result and certainly beyond our initial target of $500 million,” says Lord Turnbull, chairman, Brevan Howard.
“This result clearly demonstrates investor appetite for high quality closed-ended funds,” added Turnbull.
Brevan Howard was founded six years ago by Alan Howard, who previously headed-up proprietary interest-rate trading at investment bank Credit Suisse.
Share dealing in BH Global is set to commence next week.