De Rosen Capital Management has launched a new private equity property fund to take advantage of the market for exclusive homes for multi-millionaires.
The Global Waterfront Fund, as its name implies, will invest in and develop waterfront residential property primarily in “super-prime” Mediterranean and Caribbean locations. The British Virgin Islands-domiciled fund is looking to raise $100 million.
The fund will seek to achieve absolute returns by creating a stream of development projects to be sold on completion. “Some of the investments will be in the development of rural land while others will be renovations or rebuilding existing properties,” said Tim de Rosen, the fund’ director. Targeted locations include St. Barts, Harbour Island in the Bahamas, St. Tropez, Cap d’Antibes, Cap Ferrat and similar resorts.
De Rosen, an international property developer, said he is faced with more deals than available capital and put together the fund with Mark Shadwick, director of several offshore hedge funds, and Olivier Dupraz, a former managing director at UBS, in order to attract capital for further development.
“My role is very much on the development side in terms of locating projects and putting my team of people to work to produce returns for investors,” he said.
The fund is currently seeking capital commitments by way of a share issue in both Euro and Dollar classes. The minimum subscription is $500,000 or €500,000. The fund is aiming to return to investors in excess of 20% per year. It is currently marketing to institutional, family office and ultra high-net-worth investors.