Seneca Investment Managers is one of the first buyers of shares in Merian Chrysalis investment trust, which launched at the start of November.
Seneca invested in the trust across all of the funds and mandates the firm runs. This includes the Diversified Income fund, Diversified Growth Fund and the Global Income and Growth Trust.
Merian Global Investors, the firm previously known as Old Mutual Global Investors, launched Chrysalis, its first investment trust, earlier this month.
It is managed by Richard Watts, who made his name as manager of the £3.3bn Merian UK Mid Cap fund, and Nick Williamson, a small cap fund manager at the firm.
Richard Parfect, a multi asset fund manager and head of research at Seneca said: "We have a firm belief that the manager’s strategy of investing in a focussed number of late private equity/ pre IPO opportunities will be rewarding and is an appropriate one for this stage of the economic and market cycle.
"We know from our experience as private equity investors in AJ Bell for many years that supporting successful, highly motivated owner/managed businesses can prove very profitable.
"The private for longer theme the Merian team is seeking to capture plays to the strengths of supporting exciting later-stage private companies. The fee structure of the trust gives strong alignment with the management team."
Chrysalis raised £100m from investors when it came to market on 2 November.
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.
david.thorpe@ft.com
