The first investment trust launched by Merian Global Investors has raised £100m at the initial public offering (IPO) stage.
Merian, which is run by Richard Buxton, was formerly known as Old Mutual Global Investors until it was subject to management buy-out earlier this year.
The Merian Chrysalis investment trust will be run by Richard Watts, who also runs the £3.3bn Merian UK Mid Cap fund, and Nick Williamson, who runs the Merian UK Smaller Companies Focus fund.
The trust will invest in what it calls later stage unquoted companies. The managers will also be permitted to invest up to 10 per cent of the capital of the trust into other investment trusts listed on the UK market.
Mr Watts said: "We are delighted to be launching the Merian Chrysalis investment company, which will offer investors exposure to a portfolio of exciting, later-stage private growth companies, a market that investors, typically, have had limited opportunities to access.
"Despite challenging market conditions - following the global sell-off in October, and investors adopting a cautious outlook - we are pleased to have raised £100m at launch. There is significant interest in the asset class and our strategy and we have identified a strong pipeline of high-growth private investment opportunities."
The trust will formally list on the market on Tuesday 6 November.
Last month Terry Smith's small cap investment trust Smithson broke Neil Woodford's record for the largest trust launch in the UK, raising £822m while the Mobius Investment Trust, managed by veteran emerging markets investor Mark Mobius, raised just half its £200m target at launch.