Mobius Capital Partners will target a fundraising in excess of £200m for its newly-launched investment trust as it prepares for listing on 1 October.
In a statement released to the stock exchange, the group said the Mobius Investment Trust is seeking to raise £200m via a placing, an offer for subscription and an intermediaries offer.
The founding partners Mark Mobius, Carlos Hardenberg and Greg Konieczny each intend to participate in the issue for an aggregate subscription amount of approximately £5.7m.
An application has been made for the ordinary shares to be admitted to the premium segment of the official list and to trade on the London Stock Exchange's main market.
It will be run by the group's founders Mobius, Hardenberg and Konieczny - they previously were responsible for two of the largest London-listed investment companies in the form of the £2bn Templeton Emerging Markets Investment Trust (TEMIT) and Fondul Proprietatea.
The trust will carry an annual management fee of 1%, reducing to 0.85% per annum above £500m and 0.75% above £1bn based on the NAV or market cap of the trust. There will be no performance fee.
There will be an active discount management policy with a redemption facility at NAV (less costs) following the fourth anniversary of the trust's launch and every three years after, and a 14.99% share repurchase authority which the directors will consider activating where an average one-month discount exceeds 5%.
Its investment objective is to achieve long-term capital growth and income returns predominantly through investment in a diversified portfolio of companies exposed directly or indirectly to emerging or frontier markets.
Like the open-ended SICAV the group intends to launch, the company will focus on small to mid-cap companies with the possibility for ESG improvements The portfolio will comprise of 20 to 30 holdings, and it may also invest in pre-IPO and unlisted companies.
It will also target an total return of between 12% and 15% per annum over the long term.
Jefferies is acting as sponsor and sole global coordinator for the IPO.
Mobius CP has already appointed a board of non-executive directors consisting of Dr. Sophie Robé, Charlie Shi and Christopher Casey, while Maria Luisa Cicognani has been appointed chair.
She said: "Having followed the careers of the partners for a number of years, I was delighted to be appointed as chairman of Mobius Investment Trust.
"My own investment philosophy is closely aligned with their core focus on active ownership and their desire to reach beyond simple ESG exclusion screens.
"Furthermore, the investment trust structure complements the Mobius Capital Partners approach, supporting the long-term investment horizon and acting as a solid basis for engagement."
Latest news and analysis
Taking up non-exec role
Following 2016 thematic review
December 2018 or early 2019
Eight-week high against US dollar