Fundraising news – JARA and Merian Chrysalis
JPMorgan Global Core Real Assets (JARA), a new, Guernsey based, investment company investing in funds managed by JPMorgan Asset Management in infrastructure, property and transport assets, managed to raise almost £149m from investors, just shy of its £150m target. The opening NAV is projected to be 99.01p. The issue was unusual in that it didn’t use the services of a broker – the issue was sponsored by BDO and the money was raised by the asset manager and a through a number of intermediaries including AJ Bell, Interactive Investor and Equiniti. This kept the costs down. Ongoing charges are estimated at around 1% a year – there’s a headline management fee of just 0.05% but the underlying funds all charge fees too and 40% of the fund will be invested in funds with performance fees. The company hopes to pay dividends equivalent to between 4% and 6% of the initial offer price once it is fully invested.
Merian Chrysalis raised £175m via a placing – it says that about half of the proceeds will be used to scale up the exposure to a number of existing portfolio holdings through the acquisition of additional interests in those investments from the investment adviser’s open-ended UK small- and mid-cap equity funds. This sounds a bit like what Woodford tried to do – selling stocks from his open ended fund to Woodford Patient Capital.
JARA / MERI : Fundraising news – JARA and Merian Chrysalis
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