17th Dec 2020 15:15
(Alliance News) - Schroder BSC Social Impact Trust said Thursday it has raised gross proceeds of GBP75 million from its London initial public offer.
"The company will use part of the net proceeds to acquire seven assets from Big Society Capital with the balance of the net proceeds to be invested in accordance with the company's investment policy and/or used for working capital purposes," the trust added.
Schroder BSC issued 75.0 million shares at 100 pence per share. The company was targeting an issue of up to 100 million ordinary shares, seeking to raise up to GBP100 million.
"The company's investment objective is to be the first London listed investment company to deliver measurable positive social impact as well as long-term capital growth and income, through investing in a diversified portfolio of private market impact funds, co-investments alongside impact investors and direct investments in order to gain exposure to private market social impact investments," the company said.
"Social impact", Schroders said, is the "improvement of the life outcomes of beneficiaries in a specific target group or groups".
Schroders global head of Sustainable Investment, Andy Howard, said: "We are delighted that the company is now established and that we are able to put capital to work into projects that make a meaningful difference to society at a local level. This is a unique product which gives investors access to a diversified portfolio of private market impact investments through a London listed vehicle for the first time.
"In addition to its clear focus on social impact, the company seeks to provide an attractive and consistent return profile derived from investments with low correlation to equity market movements and that are frequently asset or government backed. We look forward to updating shareholders as we begin to deploy proceeds over the coming weeks."
The shares will be admitted to London's Main Market next Tuesday.
By Paul McGowan; [email protected]
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