Ecofin Water & Power Opportunities has bucked the trend for investment company fundraising with the biggest mainstream issuance in the sector this year.

The £300m ($483m) investment trust, which invests in global utility companies, said it had received commitments for a placing of £140m in a mixture of convertible subordinated unsecured loan stock and zero-dividend preference shares, £20m higher than the target announced at the end of March.