Reuters- BH Macro, a hedge fund managed by Britain’s Brevan Howard Asset Management, said on Wednesday it had raised the equivalent of about $131 million (64 million pounds) through a placing of newshares.
The fund, which invests in Brevan Howard’s $15.2 billion Master fund — a global macro hedge fund currently closed to new investors — said in a note to the Stock Exchange that around 8.7 million euro-, dollar- or sterling-designated shares had been placed with investors.
In March, BH Macro (BHMG.L: Quote, Profile, Research) raised 770 million euros (536 million pounds) in an initial public offering, below its original target of 1 billion euros.
“It’s broadened the institutional shareholder base. Some existing shareholders have been buying more, and some new names, who we talked to at the roadshows at the time of the initial offering but couldn’t quite get their head round it, have come in,” BH Macro Chairman Ian Plenderleith told Reuters.
“Generally, interest in alternative investment strategy firms is still there, but it’s become more discriminating as people want exposure to firms that can demonstrate performance.”
