Investment group Perpetual has raised $250 million with the launch of a listed investment company (LIC) called Perpetual Equity Investment Company (PIC).

The raising is at the lower end of the Perpetual’s ambitions which were listed as being between $150 million and $600 million in the offer documents released in October.

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Perpetual says the company aims to provide  investors with regular income and long-term capital growth.

It will use the $250 million raised to invest in mainly  mid-cap Australian securities but up to  25 per cent of the portfolio’s net asset value will be invested in foreign shares.

PIC will join a range of listed investment companies on the market with such stalwarts as Argo Investments and newer issues like  Ellerston Capital backed by James Packer.

The company is expected to list on December 18 and is designed to appeal to the growing self managed superannuation market.