TwentyFour raises £55m for Income fund

TwentyFour Asset Management has raised £55m for its TwentyFour Income fund, more than the firm had targeted, after strong investor demand.

The company launched a fundraising period in mid-October for both existing investors and new investors who missed out at the IPO in March to raise between £30m and £50m. The fund was significantly oversubscribed by the time the offer period closed on 31 October, so the managers accepted the maximum they felt comfortable investing, which was £55m. The fund was launched in March 2013 and now has more than £300m under management. TwentyFour said the fund managers wanted to ensure they maintained liquidity without exposing the existing fund to material risk. Ben Hayward, founding pa...