LG Aims for £1 billion fund launches in 2006
24 November 2006
Over the last 12 months, the Investment Funds team at LG – the London-based business law firm - has advised on 13 flotations and secondary issues for AIM quoted investment funds which have raised approximately £980 million.
The deal pushing them close to the £1bn mark is this month's US $304 million fundraising for existing client Vietnam Opportunity Fund Limited ("VOF"). VOF floated on AIM in 2003 and invests in listed and unlisted companies, debt, assets and other investment opportunities in Vietnam and surrounding Asian countries. Through successive fundraisings VOF has grown to be a market capitalisation of over US $500 million and in one of the biggest and best performing investment funds listed on AIM.
Commenting on LG's market position Nick Heather, the corporate partner who led the LG team advising VOF, said:
"AIM is a vibrant market undergoing phenomenal growth. In 2006 LG has seen a further surge in our AIM practice, advising on AIM transactions representing 10% of all money raised since January 2006 - and a large part of this is represented by our funds practice."
"Clients like AIM as a platform for funds," he adds. "The ease with which you can float an investment entity on AIM is a stark contrast to the bureaucratic and convoluted process involved in listing on the Official List. The UKLA/London Stock Exchange are looking into this and seeking to change the rules (in relation to investment companies on the Official List) but I suspect they will continue to over regulate - to the benefit of AIM."
Notes to editors
- LG is a London-based business law firm that has advised on over 200 AIM transactions raising in excess of £2.3bn – over 7% of all monies raised on AIM.
- In 2006, LG's growing practice has advised on AIM transactions representing 10% of all money raised.
- With over 270 lawyers, LG advises entrepreneurial and growth market clients seeking to raise capital for their business ventures.
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Nick Heather
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