Issue fatigue leaves closed-ended funds short of cash

recent launches are finding it hard to hit targeted assets over the year so far

Closed-ended launches are struggling to raise targeted levels of assets with issue fatigue rather than market conditions the cause. Charles Cade, head of investment trust research at Wins, pointed out that several recent issues, most notably 3i Infrastructure, have attracted assets at the bottom end of their target range. "The recent correction has not been a factor as few of these vehicles have had mainstream equity mandates," he said. "There are too many people trying to raise money at the same time, reflecting the vogue for permanent capital vehicles." Cade added that 3i Infrastructure...