US asset management giant BlackRock said Thursday it raised $275m (â¬174m) from an initial public offering for a fund of hedge funds on the London Stock Exchange, missing its target by nearly half.
The listed fund, BlackRock Absolute Return Strategies, or BARS, gives investors access to BlackRock's flagship Appreciation Strategy, investing in a pool of hedge funds. It joins about 30 similar funds listed in London, some of which have been raising additional capital in recent months, potentially cutting into demand for the BlackRock deal.
