The figure is half of the original £100m target.
The trust will be listed on the AIM on 30 April. Peel Hunt is running the listing for Miton.
Miton will build a portfolio of UK microcap companies with market capitalisations of less than £150 million. Once fully invested the trust is expected to hold over 120 different names.
“Many microcap companies sustain growth in their turnover and cash generation even when world growth is subdued,” manager Gervais Williams said. “Therefore, now is a great time to set up a microcap fund that can take advantage of this environment where many AIM stocks are delivering strong earnings growth.”
“There is an unusually large opportunity set of sub-£150m stocks, which in the main are overlooked by professional fund managers,” Williams added. “The new Miton UK MicroCap Trust will be taking a genuinely active approach to a universe of stocks that has not only delivered some of the best long term performance, but which also has greater scope for active stock picking.”
