International law firm Stephenson Harwood LLP is advising Woodford Investment Management LLP on the launch of Woodford Patient Capital Trust plc (the Trust), the investment manager's second fund following the highly successful launch of the CF Woodford Equity Income Fund last year. The Trust is targeting an issue of £200 million by means of a placing and offer for subscription of ordinary shares.
Woodford Investment Management believes that the lack of long-term patient equity capital has created a compelling opportunity to invest in businesses with outstanding intellectual property. The Trust will invest in a diversified portfolio consisting predominantly of UK companies, both quoted and unquoted. Over time, it is expected that the Trust's exposure to early-stage companies and early-growth companies will gradually build.
The Trust will seek admission of its ordinary shares to the premium segment of the official list of the UK Listing Authority and to trading on the main market of the London Stock Exchange.
Stephenson Harwood is advising on all aspects of the launch including the innovative fee structure whereby Woodford Investment Management will not receive a management fee from the Trust for its services and instead will only be awarded a fee based on performance, the majority of which being paid in shares in the Trust.
Alex Haynes, corporate partner at Stephenson Harwood commented "We are delighted to be advising Woodford Investment Management on this launch. Neil Woodford is one of the most respected fund managers in the UK and the launch of a new trust by the Woodford Investment Management business is guaranteed to gain significant attention and interest."
The Stephenson Harwood team is being led by corporate partner Alex Haynes, assisted by corporate associates Nick Horton and Victoria Silver.