Blue Capital Management, the third-party capital and reinsurance-linked fund management arm of Bermuda-based reinsurer Montpelier Re, has successfully raised new funds for its flagship listed catastrophe reinsurance and retrocessional linked investment fund Blue Capital Global Reinsurance Fund Limited.Blue Capital Global Reinsurance Fund has raised $52.275 million following the successful first closing under its placing programme. The fund will issue an aggregate of 51,250,000 new ordinary shares at a price of $1.02 per share, so raising $52.275m in new capital.The fund launched a prospectus in April for the first of a series of placings of new shares in the fund to accommodate new investor capital inflows.The completion of that placement is the first step forwards for Blue Capital since it launched.Montpelier Re seeded Blue Capital with $50 million when it launched the Blue Capital Global Reinsurance Fund last year, with third-party investments bringing the funds overall size to $100.1m at launch.Now, with the addition of this $52.275m from its first placement in this new capital raising push, the Blue Capital Global Reinsurance Fund has raised approximately $152.38 million in total.“We are delighted to have attracted such a strong level of support from a broad range of new and existing high quality investors,” said Blue Capital Management president and chief executive, William Pollett.“We believe the first closing provides the company with a strong platform for further growth and we anticipate taking full advantage of the placing programme for further fundraising opportunities over the next 12 months.”Having deployed around $66.9 million of its initial capital already, largely at the January renewals, it now has somewhere around $85.5 million of capacity available.“It is anticipated that capacity will be deployed during the upcoming June and July reinsurance renewals.