Neil Woodford has hit the revised upper limit of £800m for his upcoming investment trust which will focus on the manager’s favoured early stage and unquoted stocks.
The manager had previously set a limit of £500m for the trust, but revised this earlier this month based on demand to £800m.
This means it is the largest investment trust launch ever. The AIC said an investment trust is UK-domiciled, adding there had been larger launches but these were domiciled in Jersey or Guernsey.
Mr Woodford’s company has announced this morning the revised upper limit has been hit, with the share issue being “oversubscribed”, according to the firm.
It said applications had been scaled back “by less than 10 per cent”.
The shares of the trust will now launch tomorrow morning, with Winterflodd Securities acting as sole sponsor and book runner.
Craig Newman, chief executive at Woodford Investment Management, said: “The support from investors for Woodford Patient Capital Trust has been quite incredible.
“To raise £800m to invest in a previously overlooked asset class is a tremendous endorsement of the patient capital strategy – and belief in our ability to identify the best, untapped growth opportunities with the aim of delivering exceptional long-term returns.”
Susan Searle, the chairman of the trust, said it had agreed to “upsize” the share issuance “knowing there is a very strong pipeline of investment opportunities”.