Boutique fund manager Firetrail has pulled its offer for a new listed investment company, citing concerns about a concentrated shareholder base, limited liquidity and a rush of similar raisings in the past 12 months.

Firetrail and the long-short LIC's board confirmed an earlier report by The Australian Financial Review of the decision not to proceed. Lead arranger CommSec and joint managers including Wilsons, Ord Minnett, Taylor Collison and Morgans were informed.