Middlefield Group says its European Focused Dividend Fund has completed an initial public offering of 8,500,000 units at a price of $10 per unit, for gross proceeds of $85 million. The units are listed on the Toronto Stock Exchange under the symbol EF.UN.

The fund’s actively managed portfolio primarily holds dividend-paying securities of issuers that are domiciled in or derive a significant portion of their revenue from Europe. The initial target distribution yield for the fund is 6% per annum.

Middlefield Capital Corporation, the advisor, will provide investment management advice to the fund.