BlueCrest Eyes Third Fundraising For Listed Hedge Fund

Sep 16 2010 | 2:05pm ET

BlueCrest Capital Management is poised to raise another £80 million for its listed hedge fund product, the only such product trading at a premium to its net asset value.

The firm preparing the issuance of up to 9.99% of new shares in each of the AllBlue Fund’s share classes, which could total £80 million. The move could help cut the fund’s premium; the fund is up about 6.57% this year, Financial News reports.

The new fundraising would be AllBlue’s third in a year. The fund raised a total of £449 million in share sales in December and June. The fund manages about £818.4 million.

“This proposed placing responds to the considerable demand we have witnessed from investors following the company’s successful £349m fundraising in June,” Richard Crowder, chairman of AllBlue, said. “BlueCrest AllBlue is performing well and is trading at a premium to net asset value. BlueCrest remains confident that it represents an attractive opportunity in current market conditions.”

RBS Hoare Govett and Dexion Capital are serving as joint bookrunners for the new share sale.

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