Gravis Capital Partners (GCP) Asset Backed, a closed-end fund investing in asset backed loans, said proceedings from the latest share issue exceeded the target of £70m.
The issue, first announced last August, has raised £75m in C shares, at a price of 100p per share to institutional investors.
GCP said the net proceeds of the issue will be used “to take advantage of a pipeline of attractive asset backed finance investment opportunities identified by Gravis.”
Asset finance currently constitutes 11% of the fund’s portfolio. Underlying assets include small-scale infrastructure, investment management fees and boilers.
Trading of the C shares on the London Stock Exchange will be possible starting October 16. C shares carry a lower risk but cannot be redeemed until underlying investments come to fruition.
Net asset value is now 98.09p per C share and 100.2p per ordinary shares. Total shares for the fund now total around 310m.
GCP Asset Backed income fund was launched by Gravis Capital Management (formerly GCP) in October 2015. The fund’s portfolio spans asset finance, social infrastructure, energy infrastructure and property.
The latest dividend amounted to 1.50p per share, and was handed out a few days before the announcement of the C share issue.