Melbourne micro-cap fund manager Acorn Capital has raised the minimum $50 million it was chasing for a new fund in an IPO, but fallen well short of its $100 million cap.

The veteran fund managers hit the minimum in a touchy and often unpredictable capital raising climate, on closing the IPO late Friday. All investment came from retail holders, particularly “mums and dads" investing superannuation money, and some “high net worth" individuals.