The single manager fund of hedge funds is a rising star in U.K.’s investment trust universe. The success of Close Fund Management’s Close Allblue Fund has been nothing less than inspiring, Citywire reports. “This was the largest single capital raising for a listed fund of hedge funds in the U.K,’” says Close’s Charles Cade in a Citywire interview, noting that the £144 million (US$265.9 million) raised came largely from institutional investors and private wealth managers. The New Star Absolute Return Fund and the Cazenove Capital Trust have followed suit, and Goldman Sachs Asset Management and RAB Capital are lining up their own offers. What makes these funds so attractive, according to Cade, is that these essentially “fettered” funds of hedge funds, run exclusively in-house, and break with traditional FoHFs by having only one fee level. The funds that have launched, Citywire reports, are all listed on London’s Alternative Investment Market and domiciled in Guernsey. The future may bring even gladder tidings: If the U.K. changes its listing rules, these vehicles could become closed-end single hedge funds, says Citywire.