Cheyne Eyes £300 Million For Social Impact Fund

Apr 15 2014 | 3:28pm ET

Cheyne Capital is set to launch a new hedge fund that aims to do good in two ways.

The London-based hedge fund's Social Property Impact Fund will invest in real-estate that can be rented to social service and affordable housing organizations, among others. New Philanthropy Capital will advise the firm on each investment's social impact.

Cheyne hopes to raise up to £150 million for the fund by its launch in the third quarter, with an eventual target of twice that figure, the Financial Times reports. The fund will come in two share classes: "impact," which will target returns of 10% to 12% per year, and "deep impact," with slightly lower returns.

Cheyne will charge 1.5% for management and 10% for performance above a 6% hurdle.

The new fund aims to fill a gap left by falling government spending on social services, including homelessness, elder care and assistance to former prostitutes. It will be led by portfolio manager Shamez Alibhai.


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