GCP Asset Backed raises £75m

GCP Asset Backed Income Fund Limited has raised £75m, gross, through an increased and over-subscribed fundraising.

GCP Asset Backed, which invests in asset backed loans, announced a pre-emptive offer of C shares at 100p apiece on 22 Aug, targeting gross proceeds in excess of £70m.

The company said demand from investors materially exceeded £70m and the board, in consultation with the investment manager, Gravis, resolved to accept applications in respect of 75 million C Shares, raising gross proceeds of £75m.

It said a scaling back exercise had taken place.

It said the net proceeds would be used to take advantage of a pipeline of attractive asset backed finance investment opportunities identified by Gravis.

At 9:10am: (LON:GABI) GCP Asset Backed Inc Fund Ltd share price was -0.37p at 105.63p