Charitable Guernsey Fund IPO Raises GBP270m
Monday, December 10, 2012
A newly-formed Guernsey-registered closed-ended investment company, the Battle
Against Cancer Investment Trust, has received substantial backing from investors, with capital of GBP270m (USD435m) secured in its recent Initial Public Offering (IPO).
The company, which has been added to the Main List of the London Stock Exchange,
was formed by a group of leading fund managers who will not charge management
fees. Instead, the company will invest up to 1% of its net asset value each year
to cancer research and drug development projects, undertaken by the Institute
of Cancer Research, and other charitable projects chosen by the BACIT Foundation
and its investors. BACIT Limited will invest in long-only funds, hedge funds and private
equity funds - some of which are not readily accessible to the investor community.
Leading Channel Islands law firm, Carey Olsen advised on the Guernsey legal
and regulatory aspects of the company's establishment including registration
with the Guernsey Financial Services Commission.
The team was led by Carey Olsen partner, Tom Carey, who commented: "We
would like to congratulate BACIT on their successful IPO. This is an innovative
fund and we wish them every success with their charitable projects going forward."