Better Capital set for £142m float

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The Independent Online

Better Capital, the venture set up by the private equity grandee Jon Moulton after he left Alchemy Partners, is set to raise £142.4m when it goes public on London's growth market tomorrow.

Mr Moulton's new investment vehicle will target distressed businesses in the UK and Ireland "that need reviving" and are worth between £5m and £25m.

Numis is the group's nominated adviser and broker for the largest London listing of a UK company since the £200m initial public offering of Max Property on Aim in May. Mr Moulton is to invest £15m in the business, taking a 10.5 per cent stake. The Aim admission document filed yesterday said there would be "sufficiently large" number of opportunities that the proceeds of the placing would be invested within two years.

Mr Moulton's new vehicle has attracted interest from heavyweight fund managers including BlackRock Investment Management and Scottish Widows Investment Partnership, which will take 9.8 per cent of the share capital each. Ruffer Investment Management will take 29.5 per cent.