RAB Capital's new RAB Octane strategy has raised assets of USD 55 million, the highest launch-funding yet for any RAB strategy.
RAB Chairman Michael Alen-Buckley said: "The powerful combination of a proven manager and an excellent track record has resulted in very strong support for RAB Octane."
RAB Capital has already scheduled a second round of asset raising for the new fund, planned for July 2005. RAB Octane is a long-term investment strategy in the energy sector, with an initial one-year lock-up.
The first round of investment in RAB Octane was restricted to existing investors in the highly successful USD 280m RAB Energy strategy, which has returned performance of 70.4% (at 30th April 2005) since inception in June 2004 and was Eurohedge New Fund of the Year 2004.
Gavin Wilson, fund manager of RAB Energy, will also manage RAB Octane. The new strategy will invest in pre-IPO equity opportunities, along with convertibles, farm-ins and private equity.
RAB Capital also announced that the placing of shares and warrants in the RAB Special Situations Company, sponsored by Collins Stewart, will close on Friday 20th May. The RAB Special Situations Company will offer exposure to the highly successful RAB Special Situations strategy, which has performed by over 2200% since 1 January 2003 and by 49% in 2004. This year it has returned 11.6% (to 30th April 2005).
Dealings in RAB Special Situations Company shares and warrants, on the Alternative Investment Market, are expected to commence on Friday 27th May.