Hartford’s Virtus Investment Partners says one of its affiliates raised another $735 million through an initial public offering for an equity fund with stakes in utility companies.
Virtus’ Chicago-based affiliate, Duff & Phelps Investment Management Co., runs the closed-end fund, which to date has secured about $840 million from investors.
The New York Stock Exchange fund (ticker: DPG) invests in U.S. and foreign utility companies in the electric, gas, water, telecommunications, and midstream energy sectors.
“This was one of the most successful closed-end fund offerings of the year …,” said Virtus CEO George R. Aylward.
Wells Fargo Securities, Citi, Morgan Stanley, UBS Investment Bank and Ameriprise Financial Services Inc. managed the offering.
