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MPC Investors, the independent asset manager, has launched the MPC Pilgrim Select Fund.

The MPC Pilgrim Select Fund, a European long/short equity fund, was launched on 3 July. It opened and closed a few days earlier with its target capacity of USD 100 million from institutional investors. MPC Pilgrim Select builds on the proven stock selection strengths of portfolio manager John Innes and his team, and will target performance of 15-20%.

Peter Harrison, Chief Executive. MPC Investors, said: 'We are delighted to have successfully launched the MPC Pilgrim Select Fund on the back of significant demand from existing clients. Pilgrim Select is a natural extension of the Pilgrim Fund, leveraging its strong track record and the stock selection skills of the team, to target higher returns. We look forward to continuing to deliver significant long term capital growth for our clients.'

Background note: MPC Investors was founded in 2000 as an independent asset management business. Assets under management currently stand at USD 1.35bn. MPC Investors manages long only mandates in UK equities including the Hiscox UK Opportunities Fund, and long/short strategies including the MPC Pilgrim Fund, which was launched in October 2000. This is an Anglo-European long/short equity fund, which has delivered a net return of over 96% since inception and recently won the EuroHedge Award for 2005 in the category of UK Long/Short Equity. In addition to this, MPC Investors manages two Asian long/short strategies.

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