BAILLIE Gifford plans to raise £250 million to launch a new US-focused investment trust, declaring that the country remains one of the most attractive for developing “exceptional growth companies”.

The Edinburgh investment house, which aims to raise the funds through a placing of ordinary shares, said the trust will invest mainly in equities of companies incorporated, domiciled or which carry out a significant portion of their business in the US.

The fund manager, which has £180 billion of assets under management, said it will typically invest in listed securities with a market capitalisation of at least $1.5bn, as well as unlisted securities with pre-raise valuations of at least $500m. Investment will be made in up to a maximum of 90 holdings, of which between 30 and 50 will typically be listed securities.

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The fund will be managed by Gary Robinson with deputy managers Helen Xiong and Andrei Kiselev, members of Baillie Gifford’s US Equities Team and managers of its £924 million American Fund. Outlining the investment potential across the Atlantic, Baillie Gifford highlighted San Francisco’s status as a “nexus” for successful technology companies, as well as the “deep concentrations” of biotech businesses in Boston and San Francisco.