Sturgeon Ventures, the regulatory incubator, has launched the Clerkenwell Matterhorn Fund, an absolute return, open-ended long/short fund with a long bias. It will target a net total return of five to 15 per cent per annum by investing in real estate investment trusts and property development companies.
Domiciled in Malta, the fund is aimed at high net worth investors, family offices and institutions in the UK and Europe. It is the first time that Sturgeon, portfolio manager to the fund, has launched with an independent custodian, Kleinwort Benson Guernsey.
The fund, a thematic professional investor fund, is a sub-fund of Clerkenwell SICAV and will have a focused best ideas approach, holding between 10 and 40 positions.
Seonaid Mackenzie, managing partner at Sturgeon, says: “We have seen a significant number of start-up funds recently despite the cautious environment. Our strength as an incubator is not only to help companies launch funds but also to help them grow a business. We are pleased to be expanding our offering in Malta. We are jurisdiction neutral but we really do favour Malta as a place to do business.”
Adrian Elwood, managing director of Clerkenwell Capital and designated portfolio manager in Sturgeon of the Matterhorn Fund, says: “UK and European real estate offers a great buying opportunity. Listed real estate offers reliable long-term income-driven returns from ‘real’ assets while listed real estate offers exposure to some of the highest quality assets across the key European markets. A key theme played by the Fund will be to take advantage of opportunities created by deleveraging of the financial system. The European Central Bank has dramatically improved liquidity across the continent and cashflows are gradually improving while banks’ deleveraging will provide a steady stream of opportunities to the few companies capable of exploiting them.”
The launch fees for the fund include a one per cent annual management charge with a 10 per cent performance fee above a five per cent net hurdle with a high water mark. There is no initial charge and the minimum investment is GBP10,000/EUR10,000.