Knight Frank Investment Management has launched its first fund and held a first close of more than £300m.
The fund will target “a low-risk and consistent long-term income return, targeting well-let assets with strong underlying property fundamentals”. The equity was raised from pension fund clients of financial adviser Willis Towers Watson.
The open-ended fund is a step-change for KFIM, which has previously been responsible for only segregated mandates. Knight Frank has been looking to expand its investment management business in recent times, having recruited Matthew McDonald from CBRE Global Investors last year, who will manage the new fund. KFIM now has more than £1bn of assets under management.
Kevin Aitchison, chief executive of KFIM, said: “Launching our first fund is an important step in the on-going development of the KFIM business… we have already identified a good pipeline of potential opportunities; the focus will now be on ensuring that we invest the money as quickly and as efficiently as possible.”
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