BH Macro (BHMG ), the £1.3bn Brevan Howard London-listed hedge fund, has raised £315m in the share issue launched last month.

The news is likely to further bolster sentiment in the investment company sector after difficult 2022 for fund raising. 3i Infrastructure (3IN ) announced on Friday it raised £100m in an institutional share placing.

BHMG, which has exploited bond and interest rate volatility to produce positive returns in fall markets, will issue 72.4m sterling shares and 746,400 US dollar shares at 431.5p and $4.47 respectively.

The issue was mainly backed by institutional and professional investors, but private investors did subscribe for £66m of sterling shares.

The total is less than the £950m maximum the company sought, but it has the authority to issue a further 147m shares in the next year.

In a statement the company suggested it could have taken in more but decided to scale back investors’ applications, favouring existing shareholders in the allocation process. 

BHMG will invest the money in Brevan Howard’s Master Fund in the Cayman Islands.