Boussard & Gavaudan Asset Management, the hedge fund group founded by Emmanuel Boussard and Emmanuel Gavaudan, former bankers at Goldman Sachs, has raised €410m ($523m) for its planned listing of a multi-strategy fund company on Euronext, according to people familiar with the situation.
B&G will use the money raised in the initial public offering to invest in its already established multi-strategy fund, which will be one of the largest ever listed in Europe.
The fund had initially planned to raise at least €100m, but hoped to raise up to €500m.
“There were more investors interested than we had expected so it was quite straightforward to decide to increase the value,” Emmanual Gavaudan, chief executive and co-founder of B&G told the FT.
B&G’s plan to list comes after CM Advisors, Dexion Absolute, and Goldman Sachs Asset Management this year raised money for hedge funds though IPOs in London.
While other funds that have listed have been funds of hedge funds, this is the first single-manager fund to list on Euronext.
Lehman Brothers and BNP Paribas are advising on the float.