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Old Mutual Global Investors to list new vehicle for investment in private firms

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Old Mutual Global Investors to list new vehicle for investment in private firms

Old Mutual Global Investors (UK) Ltd.'s newly established investment company, Merian Chrysalis Investment Co. Ltd., disclosed its intention to launch an IPO to raise proceeds of £200 million.

The listing will take place through an initial placing, intermediaries offer and offer for subscription of ordinary shares in the new firm's capital. Additionally, a 12-month placing program will also be launched, while an application will be made for Merian Chrysalis Investment's ordinary shares to trade on the London Stock Exchange, according to Old Mutual Global Investors.

Old Mutual Global Investors, which will be re-branded to Merian Global Investors (UK) Ltd. at the beginning of October, will act as investment adviser to Merian Chrysalis Investment, which intends to generate long-term capital growth through investing in a portfolio comprising primarily equity or equity-related investments in private companies, once fully invested.

The new firm expects to have a portfolio of between seven and 15 investments, with net proceeds from the listing anticipated to be significantly deployed within six to nine months of first admission. Richard Watts and Nick Williamson, members of Old Mutual Global Investors' U.K. small- and medium-cap desk, will head the investment advisory team.

Old Mutual Global Investors also said Merian Chrysalis Investment will have an ongoing management fee of 0.5% per annum of its net asset value and a performance fee of 20% of returns in excess of 8% per annum.

Further details on the IPO will be published in a prospectus, expected to be released in early October.

Liberum Capital Ltd. is serving as global coordinator, book runner, sponsor and financial adviser on the deal, while Zeus Capital Ltd. will act as joint book runner.