Compare markets for listing funds
Routes to market
As a listed fund, there are three main routes to markets, the Premium Segment of the Main Market, the Specialist Fund Segment of the Main Market and AIM.
Find out which market best suits your needs
| Entry requirements | Premium Main Market | SFS | AIM |
|---|---|---|---|
| Transferable securities to be freely negotiable | ✔ | ✔ | ✔ |
| Type of funds | Closed ended | Closed ended | Closed ended |
| Offering document |
UKLA approved prospectus |
UKLA approved prospectus |
AIM admission document |
| Audited historical financial information | 3 years* | 3 years* | 3 years* |
| UK Corporate Governance Code | Applies | ☓ | Code of choosing |
| Sponsor/NOMAD | Sponsor | ☓ | NOMAD |
| Free float | 25% | No prescriptive free float | No prescriptive free float |
| Working Capital Statement | Unqualified for 12 months | PD disclosure - can be qualified | Unqualified for 12 months |
| Investment diversification | ✔ | ☓ | ☓ |
| No more than 10% invested in other closed ended funds | ✔ | ☓ | ☓ |
| Feeder funds | ✔ (The feeder has to control the master) | ✔ | ✔ |
*or such shorter period that the entity has been in operation
A choice of leading global markets
Premium Main Market
Dedicated to closed-ended funds targeting retail and institutional investors.
Specialist Fund Segment
Dedicated to specialist, closed-ended investment funds for professional investors.
AIM
For straightforward closed-ended fund structures seeking retail and institutional investors.