LONDON (Reuters) - Investment trust BACIT has raised 207 million pounds ($334 million) from an initial public share offer, seeing its shares trade higher in their London stock market debut on Friday.
BACIT, which stands for Battle Against Cancer Investment Trust, intends to put its money into a range of investments, including mutual funds, hedge funds, real estate funds and private equity.
The fund, which will not have any management or performance fees to pay, also plans to invest up to one percent of its net asset value each year in cancer research drug development and medical projects.
Its shares, which were priced at 100 pence each in the offering, rose to as much 104 pence in their debut on Friday.
Backed by City financiers such as private equity veteran Jon Moulton, the founder of Alchemy Partners, who sits on the BACIT board, the fund was advised by J.P. Morgan. ($1=0.6195 British pounds)
(Reporting by Kylie MacLellan; Editing by Greg Mahlich)