Global Dividend Growers Income Fund is pleased has completed its initial public offering of 6,500,000 units at a price of $10.00 per unit for gross proceeds of $65 million, Calgary-based Middlefield Group said Friday.

The units are listed on the Toronto Stock Exchange (TSX:GDG.UN).

The fund has been designed to provide investors with a low-cost investment in global issuers that have exhibited a history of strong dividend growth.

The fund aims to enhance long-term total return through capital appreciation of the fund’s investment portfolio, through an investment strategy that combines passive and active portfolio management and entails investing primarily in securities of global, including Canadian and U.S., issuers which have exhibited strong dividend growth.

The initial target distribution yield for the fund is 6.0% per year based on the original subscription price (or $0.05 per unit per month or $0.60 per unit per year).

Middlefield Capital Corp. will act as the investment advisor to the fund.

The syndicate of agents was co-led by CIBC and RBC Capital Markets and included Scotiabank, TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Raymond James Ltd., GMP Securities L.P., Mackie Research Capital Corporation, Middlefield Capital Corporation and Dundee Securities Ltd.