International law firm Stephenson Harwood LLP has advised 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. Neil Woodford’s eagerly anticipated new investment trust raised the maximum £800m during its offer period ahead of its listing on the London Stock Exchange on 21 April, making it the largest ever UK investment trust launch.
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 admitted 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 advised 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 have advised Woodford Investment Management on this high profile launch. Investor appetite has exceeded all expectations resulting in a hugely successful fundraising. The success of the launch is a huge endorsement of the Woodford team and the Trust's investment strategy."
The Stephenson Harwood team was led by corporate partner Alex Haynes, assisted by corporate associates Nick Horton and Victoria Silver.