Boutique fund manager, ABC Funds, is launching its first new fund in eight years.

The new ABC North American Deep-Value Fund will go on sale November 1. The closed-end fund will be managed by I.A. Michael Investment Counsel Ltd., which manages the three other ABC funds. The firm is looking to raise $100 million, and will be seeded by $1 million from portfolio manager, Irwin Michael.

The fund will invest in a mix of so-called “deep value” U.S. and Canadian stocks, convertible debentures and “fallen angel” unit trusts. The portfolio will be limited to 30-40 names, and will reflect the best of the names in other ABC funds, but will also include illiquid securities that may not otherwise qualify for other portfolios.

The fund units will start at $10, but they will only be available to “accredited investors” for minimum subscriptions of $250,000.

The target market is high net worth individuals, corporate accounts and institutional investors with a “long range” investment horizon. The fund will not be publicly listed, unlike some other closed-end funds, instead the fund manager will provide liquidity through a “virtual exchange” and 10% annual redemption rights.

The new fund will pay a 1% management fee plus a performance fee of 20% of returns above 10%.