Hedge fund legend Neil Woodford has raised £800m for his Woodford Patient Capital Trust, which includes online agent Purplebricks in its portfolio.
The sum is the most ever raised by a UK investment trust and was over-subscribed by almost 10%.
Craig Newman, chief executive of Woodford Investment Management, said: “The support from investors for Woodford Patient Capital Trust has been quite incredible.
“To raise £800m to invest in a previously overlooked asset class is a tremendous endorsement of the patient capital strategy – and belief in our ability to identify the best untapped growth opportunities with the aim of delivering exceptional long-term returns.”
The trust’s shares begin trading today.
Last August, Woodford invested £7m into Purplebricks, saying it was a “highly disruptive” model which could take custom from high street agents.
Without RM and Z it would fall over. With RM and Z allowing budgets, they are upsetting the majority of hands that feed them
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