Third Point Raises $525M In London Listing

Jul 19 2007 | 11:29am ET

Activist hedge fund manager Third Point did, in fact, go to market today, but even an extra 24 hours to allow “continuing flow or orders from the U.S. side,” Daniel Loeb’s foray into public listings did not go as well as planned.

In the end, the firm raised US$525 million, it told the London Stock Exchange, where it listed the vehicle. That is short of the €500 million (US$689 million) it had targeted, in spite of the fact that the listed fund—sold at an initial offering price of US$10, €10 or £10 per share—is the only route new investors have to Loeb’s closed Third Point Offshore Fund.

New York-based Third Point told the LSE in a note that, should IPO global coordinator and stabilizing manager UBS fully exercise its over-allotment option—deadline Aug. 17—the listing will raise a total of US$573 million.


In Depth

Q&A: Omni Macro Fund Bullish On India, Watching China

Mar 4 2015 | 3:35pm ET

Omni Macro Fund was formed in 2007 by Stephen Rosen, previously a prop trader at...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk Management: The Due Diligence Challenge And Branding Opportunity

Mar 2 2015 | 8:41am ET

The hedge fund firms that make it easier for prospective investors to gain comfort...

 

Editor's Note