SQN Asset Finance has raised £30m (41.2m) through a placing of 28,985,507 ordinary shares at an issue price of 103.5p per share for its SQN Asset Finance Income Fund.
The fund is the first asset finance fund available to retail investors through the London Stock Exchange.
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SQN Asset Finance has funded, approved and committed investments totalling approximately £173m and has a strong pipeline of opportunities totalling £80m. The net proceeds of the placing will be used to fund these committed transactions with the balance to be used to fund pipeline opportunities.
Following the success of this placing, the company aims to undertake a "larger fundraising" at some point in the second half of the year.
Earlier this year, SQN Capital Management bought Summit Asset Management’s leasing division.
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