Rising Sun Management is looking to raise £200m with the launch of an activist Japan investment trust, in what will be the first closed-end fund initial public offering of 2020.
The Nippon Active Value Fund opened for subscriptions on Wednesday (8 January), with the offer set to close on 28 January, and will list on the specialist fund segment of the London Stock Exchange. The trust will invest in a concentrated portfolio of undervalued, small-cap stocks and look to realise their value through an activist approach. The portfolio will comprise up to 20 stocks that have "the majority of their operations in, or majority of their operations derived from, Japan" with market capitalisations of up to $1bn. In its admission document to the LSE, the company said: "...
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