BlackRock to list megafund on JSE
Locals to get a taste of European blue chips, with PSG Capital acting as sole bookrunner
BlackRock, the world’s largest asset manager, plans a secondary listing of a megafund on the JSE in November, which would give local investors a taste of European blue chips Unilever, Volvo, Renault and Bayer without going offshore. The BlackRock Greater Europe (BRGE) Investment Trust, which is listed on the London Stock Exchange and has assets worth £313m (about R5.6bn), will first be offered to qualifying investors through a private placement. PSG Capital is acting as corporate adviser and sole bookrunner for the proposed listing. “We are aiming to raise an initial amount of approximately R650m,” said Simon White, BlackRock’s MD for closed-end funds. “However, it may be more.” A number of big names had shown “good interest” in the listing, he said. Stefan Gries, the trust’s joint-portfolio manager, has had a number of positive exploratory meetings with potential investors in SA, according to chairman Eric Sanderson. “Any issue of shares would fall within the existing authorities g...
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