TwentyFour trust hits minimum launch target despite tough IPO environment

The TwentyFour Select Monthly Income trust has met its minimum fundraising target despite an increasingly difficult market for trust IPOs.

The boutique fund group announced last month it would look to raise up to £150m for a trust, managed by Gary Kirk, which would invest in illiquid mezzanine debt and asset-backed securities. Investment Week understands the group raised closer to £100m during the offer period, which closed last week. The figure is at the lower end of the firm’s target range but is enough to proceed with the launch. The group subsequently confirmed this morning it had raised £102.7m for the trust, which begins trading today. Aiming to deliver returns of 8%-10% per year including a 6p dividend, the tru...