Some £20.1mln CULS have been issued with a coupon of 3.5% and a conversion price of about 105.4p, a 10% premium to the book value of 95.8p.
In June, APQ said it was mulling a fund raise of between £20-25mln.
READ: Emerging markets investor APQ Global has a very simple objective and the experience to achieve it
APQ specialises in equities, currency instruments and bonds in Asia, Latin America, Eastern Europe, the Middle East and Africa.
The trust’s objective is to pay a fully covered dividend yielding 6% while ensuring book value grows by between 5%-10% each year.
Its biggest exposures are Brazil, Russia and its experts like the financial services and natural resources sectors.
The CULS are being issued in denominations of £5,000 each.