The Battle Against Cancer Investment Trust (Bacit) is targeting £250m at launch, with Henderson contributing £25m of his own money and underwriting all of the operational costs of the venture.
The investment company will invest in a mixture of funds across the asset spectrum, including long-only, hedge funds, private equity and real estate funds.
In addition to Henderson, the management team of the trust comprises former Culcross Global Management investment manager Arabella Cecil, former CIO of Polygon Investment Partners Jorge Villon and former head of alternative investment sales at New Star John McDonald.
Chairman of the board is Jeremy Tigue, who manages the oldest investment trust in the UK, Foreign & Colonial.
Henderson said: “For many years I have wanted to find a way to combine my background in fund management with supporting the incredible work of the Institute of Cancer Research (ICR). I believe this investment company will deliver superior returns and, I hope, also take a small step towards the ICR’s vision of defeating cancer.”
Bacit is targeting an annualised return of 10% to 15% and will donate 1% of its NAV to charity each year. Half of this will go directly to ICR, while the other half will go to the Bacit foundation comprised of a number of charities.
To make investing in the company even more attractive the investment team have waived all management and performance fees and will provide their services to the trust free of charge.
The company has been established with an indefinite life and shareholders will be entitled to vote on the discontinuation of the company every five years.
At its IPO the company will issue up to 500 million shares, which will be offered at £1 per share. Applications for shares must be made by 22 October and the minimum subscription is 1,000 shares.
