Bramdean Asset Management has raised £131m (€194m) for its alternative investment fund, just over half of an ambitious target set by chief executive Nicola Horlick in June.

Bramdean Alternatives, a close-ended vehicle, raised the money through a share placement and will start trading on the London Stock Exchange on July 9. Horlick had hoped to raise up to £250m with a minimum of £75m.