JON Moulton’s £142.4m investment vehicle Better Capital made a quiet start to trading on AIM yesterday, ticking up as high as 105p before settling 3.5p up at 103.5p.
Moulton, a former managing partner of private equity firm Alchemy Partners, will use the listed vehicle to deploy capital turning around companies in dire financial straits. Deal sizes are expected to range between £5m and £25m, with the first transaction expected imminently.
Moulton’s 10.5 per cent personal stake was valued at just over £14.9m yesterday. Ruffer Investment Management is the vehicle’s largest backer at 29.5 per cent, while other investors include BlackRock, Scottish Widows and Aviva.
Speaking before the float, Moulton said: “This completes a fairly concentrated eight weeks of hard work. It’s a good amount [to have raised] and the next stage is to invest in what could be a very profitable market.”
He expected to invest in companies across all sectors, adding: “This really ought to be the time to do this.”