Herbert Smith Freehills investment funds team has advised J.P. Morgan Cazenove as sponsor and global coordinator on the launch of BACIT Limited – Battle Against Cancer Investment Trust – and its £200 million IPO on the Main Market of the London Stock Exchange.
BACIT, whose management team is led by Tom Henderson, is an innovative investment company which will invest in a number of alternative investment funds across multiple asset classes, including mutual funds, hedge funds, real estate funds and private equity.
The BACIT management team will provide their services free of charge, and the managers of the underlying funds have each agreed to manage their respective allocations from BACIT’s portfolio free of management fees.
In return, BACIT will each year donate an amount equal to one per cent. of BACIT’s net asset value to a number of cancer charities, and may also invest an amount up to one per cent. its net asset value in cancer drug development and other related initiatives each year.
Partner Nigel Farr led the Herbert Smith Freehills team, assisted by associates Liam Diggins and Will Normand.
