Admission to AIM and Placing

Close AllBlue Fund Limited
25 May 2006

Close AllBlue Fund Limited

25 May 2006


    Close AllBlue Fund Limited: First Day of Dealings on AIM and Placing


Close AllBlue Fund Limited (the 'Company') is pleased to announce its flotation
on the Alternative Investment Market ('AIM') under the ticker symbols 'CAB',
'CABE' and 'CABU' for the Sterling Shares, the Euro Shares and the US$ Shares
respectively.

The Company is also pleased to announce the admission to listing and to trading
on the Channel Islands Stock Exchange, LBG of the Sterling Shares.

The placing has raised £144.3 million  for the Company.

Accordingly, under the Issue, all valid applications under the Placing have been
accepted in full.  Applications were received under the Placing for 135,283,599
Sterling Shares, 5,676,877 Euro Shares and 9,632,602 US$ Shares.

The Issue is the largest capital raising to date in the UK listed funds of hedge
funds sector attracting a wide range of investors including insurance companies,
pension funds, private wealth management groups and discretionary asset
managers.  The Company hopes to bridge the gap between single strategy hedge
fund managers and fund of funds.

In accordance with the Admission Document, the Company anticipates that
substantially all aggregate Net Proceeds of the Issue will be invested, or
committed to be invested, by 1 June 2006, in accordance with the Company's
investment policy.

The Company's objective is to seek to provide consistent long-term capital
growth through an investment policy of investing substantially all of its
assets into AllBlue Limited.   Close AllBlue will offer, via AllBlue Limited,
access to a portfolio of seven diversified strategies managed by BlueCrest
Capital Management L.P. and managers with close links to BlueCrest. These
include the BlueCrest flagship fund with a mixed arbitrage strategy (BlueCrest
Capital International Limited), BlueCrest Equity Fund Limited (an equity long/
short fund),  BlueCrest Emerging Markets Fund Limited (emerging markets macro
strategy) and BlueTrend Fund Limited, offering a systematic trading process.

Investors in the Company will, therefore, be offered an opportunity to
participate in the same investment portfolio as that of AllBlue.

Close Fund Management (Investments) Ltd acted as Placing Agent for the Issue.

Ernst & Young LLP is acting as nominated advisor, and Collins Stewart Limited as
nominated broker to the Company.

The ISIN codes for the Company's Shares are as follows:

Share Class                           ISIN

£ Shares                              GB00B13YVW48

EUR Shares                            GB00B13YXC81

US$ Shares                            GB00B13YXH37


Enquiries:

Close AllBlue Limited               John Le Prevost          01481 722 260

Ernst & Young LLP                   Howard Myles             020 7951 5324
                                    John Emerson             020 7951 2551

Close Fund Management Limited       Marc Gordon              020 7426 4000
                                    Richard Bolchover        020 7426 4000


This announcement does not constitute or form any part of an offer or invitation
to sell or issue, or any solicitation of an offer to purchase or subscribe for,
any shares in Close AllBlue Fund Limited, nor shall it or any part of it or the
fact of its distribution form the basis of, or be relied on in connection with,
any contract thereof.  The contents of this announcement have not been approved
by an authorised person and recipients of this announcement who intend to
purchase or subscribe for shares in Close AllBlue Fund Limited following its
publication of an admission document in final form are reminded that any such
purchase or subscription may only be made on the basis of the information
contained in such document which may be different from the information contained
in this announcement.  Accordingly, no reliance may be placed for any purpose
whatsoever on the information contained in this announcement or on its
completeness.   No representation or warranty, express or implied, is given by
Close AllBlue Fund Limited, its directors, Close Fund Management Limited, Ernst
& Young LLP or any other professional adviser as to the accuracy or completeness
of the information and opinions contained in this announcement and no liability
is accepted for the same.



                      This information is provided by RNS
            The company news service from the London Stock Exchange