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TwentyFour to raise £40m for popular debt trust

by Sarah Miloudi on May 31, 2013 at 13:12

TwentyFour to raise £40m for popular debt trust

Popular debt trust TwentyFour Income is hoping to raise a further £40 million.

The closed-end fund launched in March and pulled in £160 million at its initial public offering (IPO), having been backed by the likes of PSigma Investment Management, which seeded it with £38 million.

With ambitions to grow its size, the TwentyFour Income fund, which invests in European asset backed securities, will seek to raise the funds via a secondary issue.

According to its first monthly update, TwentyFour's trust should be 'substantially invested' within three months, and its net asset value has grown by 5.4% since its IPO.

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