Gresham House, which planned to raise £200m (€229.4m) by floating an energy storage fund on the London Stock Exchange, has missed its target by 50%.

Gresham House Energy Storage Fund will provide utility-scale energy storage systems to the national grid.

The fund said it expects to use part of the £100m raised to buy a seed portfolio worth £57.22m. The acquisition is expected to occur following the listing of the fund’s shares on 13 November.

John Leggate, the chairman of Gresham House Energy Storage Fund, said: “We now have a strong platform from which to grow the fund and are very excited to commence investing in energy storage systems on behalf of our investors.

“From day one, the company will be 58% invested in revenue-generating assets, and an exclusive pipeline lies beyond that. We will use the placing programme to raise further funds for the acquisition of the other pipeline assets and are committed to building a substantial fund in this fast-growing sector.”

The fund will be managed by the New Energy division of Gresham House Asset Management, the specialist renewable and storage asset manager owned by Gresham House.