Calgary-based Middlefield Group announced on Friday that European Focused Dividend Fund has completed its initial public offering of 8.5 million units at a price of $10 a unit for gross proceeds of $85 million.

The fund aims to provide unitholders with stable monthly cash distributions and enhanced long-term total return through capital appreciation of the fund’s investment portfolio, the firm says in a news release.

European Focused Dividend Fund intends to achieve this through a diversified, actively managed portfolio consisting mainly of dividend-paying securities of issuers that are either based in or derive a significant portion of their revenue from Europe.

The initial target distribution yield for the fund is 6% a year based on the original subscription price (or 5¢ a unit per month or 60¢ a unit per year).

Middlefield Capital Corp. will provide investment management advice to the fund.