UK's Cazenove Capital is planning to raise up to £75 million ($142 million) for an initial public offering of a fund of hedge funds to be listed in London in October.

The Cazenove Absolute Equity would invest in four hedge funds run by Cazenove's managers.

Thirty per cent will be invested in Cazenove’s UK Equity Absolute Return fund managed by Tim Russell, which has delivered an annualised return of 9.7 per cent since launch in October 2003.

Another 30 per cent will be invested in the firm’s European Equity Absolute Return fund managed by Chris Rice and Steve Cordell.

The remaining 40 per cent will be invested in the UK Dynamic Absolute Return fund managed by Neil Pegrum and the Worldwide Absolute Return fund managed by Tim Love.

Cazenove is joining a growing trend. In July Goldman Sachs raised $507 million and Capital Management Advisors raised $402 million for listed fund of hedge funds vehicles.