Neil Woodford's firm is seeking to raise £200m for the launch of an investment trust comprising a portfolio of 50-100 quoted and unquoted businesses.

Woodford Patient Capital provides "the missing component for many companies and the reason why great innovation hasn't translated into commercial success for the UK economy" - according to Mr Woodford.
He believes that the lack of long-term patient equity capital has created a "compelling opportunity to invest in businesses with outstanding intellectual property".

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The company will invest in a diversified portfolio comprising:
· mid and large-capitalisation listed, mature companies
· early-growth companies, typically quoted
· early-stage companies, quoted and unquoted

Mr Woodford will have principal responsibility for the management of the company's portfolio, supported by a team including Stephen Lamacraft, Saku Saha and Paul Lamacraft.
Mr Woodford said: "Patient capital is the missing component for many companies and the reason why great innovation hasn't translated into commercial success for the UK economy.
"Patient capital investors work closely with early-stage businesses and help nurture them to achieve commercial success. It takes involvement, flexibility and above all, it takes time."
He believes that the UK has some of the best universities in the world, developing some of the best intellectual property but the UK does not have a "good track record of converting these great ideas into long-term commercial success".
A lack of appropriate capital is the key reason, he said, with few investors willing to embrace the long-term patient capital approach required in this area to deliver successful outcomes.
The trust will have an "innovative fee structure" with the portfolio manager not receiving a management fee from the company for its services and will only be awarded a fee based on performance.
The company will target an issue of £200 million by means of a placing and offer for subscription of ordinary shares.