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Thomson Financial- BH Global Ltd., the second fund of hedge funds feeder fund to be floated by Brevan Howard Asset Management LLP, said it has raised $1 billion from its initial public offering in London, twice the amount expected.
Lord Turnbull, BH Global Chairman said, "To have raised $1 billion in these markets is a great result and certainly beyond our initial target of $500 million… This result clearly demonstrates investor appetite for high quality closed-ended funds." The company placed 70.8 million shares and also has an over-allotment option of up to $100 million, which is exercisable until June 22.
Its IPO comprised about 36.39 million U.S. dollar shares, about 11.24 million euro shares and about 23.19 million sterling shares — priced at $10, 10 euros and 10 pounds per share.
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