BAILLIE Gifford plans to raise £250 million to launch a new US-focused investment trust, declaring that the country remains one of the most attractive for developing “exceptional growth companies”.
The Edinburgh investment house, which aims to raise the funds through a placing of ordinary shares, said the trust will invest mainly in equities of companies incorporated, domiciled or which carry out a significant portion of their business in the US.
The fund manager, which has £180 billion of assets under management, said it will typically invest in listed securities with a market capitalisation of at least $1.5bn, as well as unlisted securities with pre-raise valuations of at least $500m. Investment will be made in up to a maximum of 90 holdings, of which between 30 and 50 will typically be listed securities.
The fund will be managed by Gary Robinson with deputy managers Helen Xiong and Andrei Kiselev, members of Baillie Gifford’s US Equities Team and managers of its £924 million American Fund. Outlining the investment potential across the Atlantic, Baillie Gifford highlighted San Francisco’s status as a “nexus” for successful technology companies, as well as the “deep concentrations” of biotech businesses in Boston and San Francisco.
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