Baillie Gifford’s new Schiehallion fund launches
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Edinburgh-based wealth management partnership Baillie Gifford has launched its Schiehallion Fund (MNTN), a new closed-end investment company dedicated to the unlisted ‘unicorns’ that its flagship Scottish Mortgage Trust has successfully pioneered.
It has successfully raised gross proceeds of US$ 477 million (£360m) from institutional investors only for the Guernsey-based, dollar-denominated fund which will list on the London Stock Exchange’s specialist funds segment.
Schiehallion’s share capital is expected to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange, with first day of dealings expected to be 27 March 2019.
The fund will provide Baillie Gifford’s existing institutional clients with exposure to later stage private businesses.
UK intermediaries and retail investors can already gain exposure to later stage private businesses through a range of investment trusts managed by Baillie Gifford.
Peter Singlehurst, head of Baillie Gifford’s unlisted equities team who joined the firm in 2010, will be its lead manager.
Mark Urquhart, the Citywire AA-rated manager of Baillie Gifford Long-Term Global Growth, an open-ended fund version of Scottish Mortgage, will be his deputy.
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