PSource IPO raises GBP30m despite tough conditions

Despite difficult conditions, Psource Capital has raised GBP30million for a London-listed hedge fund manager and has further cash-raising plans for the fund.

PSource Structured Debt, believed to be the first hedge fund to list on the London Stock Exchange's Main Market under the stringent chapter 15 listing rules, will be managed by New York-based Laurus Capital Management. It will float on Friday and invest in senior secured debt and warrants issued by North American growth-oriented micro-cap companies.

The success of PSource's fund is in contrast to other recent hedge fund flotations, which have been adversely affected by the US subprime mortgage crisis. Last week offerings from Britain's Man Group and US firm Third Point both raised less than targeted.

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