New fund launches played a huge part in what was a record year for money-raising by investment companies in 2021.
Sixteen ‘closed-end’ funds floated on the London Stock Exchange, double the number of 2020 when initial public offers (IPOs) disappeared in the pandemic crash, before reviving in an end-of-year flurry as the onset of Covid-19 vaccines reopened the market for new listings.
In a year in which climate change vied with coronavirus for investors’ attention, six of the new entrants were energy funds focused on the transition from fossil fuels. They drew in an impressive £874m, starting with VH Global Sustainable Energy Opportunities (GSEO), which gathered £242m in January.