AVI Japan Opportunity Trust (AJOT LN) raised £80m of gross equity proceeds in October last year, and since the IPO has become fully invested plus entirely drawn on its RCF of £10m. AJOT has just completed a £13m follow-on fund raise which started trading yesterday. This allows the company to exploit further investment opportunities. They have already built a portfolio of 29 Japanese equities that share the following characteristics: high quality companies, with stable operating businesses, that are significantly overcapitalised. AVI believe that these companies offer considerable capital upside as potential corporate governance reform unlocks some of the long-trapped value from the myriad of cross holdings. Within the constraints of Japanese business culture, AVI have and will continue to engage with their investee companies to help them deliver enhanced shareholder value. In the seven months since IPO there have already been early signs of success.
