Nick Browne, Director of Dexion Capital (Guernsey) Ltd said: "We are delighted that this launch has been greeted with such enthusiasm by a broad spread of investors in the UK and Europe. Dexion Alpha Strategies is an innovative product that recognises that attractive returns can be achieved by investing early into new opportunities and provides investors with access to a wide range of hedge fund strategies that target emerging or under exploited sources of alpha."

Gary Gould, Director of Hoare Govett Limited said: "This is one of the largest initial capital-raisings to date in the London-listed funds of hedge funds sector and highlights the growing demand for hedge funds within the regulated, exchange-traded structure."

Dexion Alpha Strategies Limited, a new London Stock Exchange listed, closed-ended fund of hedge funds, has been established to seek to exploit opportunities in developing asset classes and/or sectors where alpha is not already widely extracted by hedge funds.

RMF Investment Management will be responsible for the ongoing day-to-day management of the Company’s investment portfolio. RMF is a leading provider of alternative investment solutions in Europe, specialising in hedge funds, leveraged finance and convertible bonds.

As at 31 December 2005, RMF managed over USD 19.6 billion of assets, with approximately USD 16.8 billion invested in fund of hedge fund products.