Bellevue Asset Management is set to float a new investment trust on the London Stock Exchange on Friday.
BB Healthcare Trust missed its target of £200m, but will list on the main market this week after raising £150m.
Paul Major, who will co-manage the fund with Dr Daniel Koller, played down the £200m target, saying the minimum raise targeted was £75m.
“This is very much a long-term project,” he told City A.M. “This is a very scalable strategy. We’re pleased to have raised twice our minimum for this initial raise, and we look forward to growing the trust over time.”
He added: “If you have a good strategy and you have a good structure, and we believe that we first in class in a number of regards with respect to structure, and you can deliver the performance, then everything else will look after itself.”
Major also noted it had been a “very volatile space” in recent months, with a “weak” reporting session in the pharmaceuticals sector and uncertainty around the US election and what this would mean for drugs prices.
But he said: “In a global context, the long-term outlook for healthcare remains extremely positive because of all the demographic factors that underpin that.”
Shares will list on the stock exchange at 8am on Friday at 100p each. Peel Hunt acted as sponsor, broker and placing agent for the float.