Thames River Preps L/S Property Fund; Seeks Additional Capital For FoFs

Oct 23 2007 | 12:22pm ET

Thames River Capital is set to launch a real-estate long/short fund later this year, adding a Pramerica Real Estate Investors veteran to its property team in advance of the offering.

“It’s a property long/short fund investing in pan-European real estate securities,” said Michael Warren, an investment director at Thames River. “It will look at the property market from the point of view of a long/short book of equities and it will also take a directional view.”

The Thames River Longstone Fund’s opportunistic mandate will allow it to invest in public property companies and real estate investment trusts in European markets including Eastern Europe and Russia. It is aiming for annual returns of 12% to 15%, and charges 2% for management and 20% for performance, with a $100,000 minimum investment requirement. The fund is set to launch on Dec. 1.

Thames River has hired Christian Roos as a fund manager for the new launch. He joins the firm from Pramerica Real Estate Investors where he managed European and Asian public real estate securities portfolios with asset under management of US$1.2 billion.

Separately, the firm hopes to raise up to £100 million (US$204.2 million) through a C share issue of its Thames River Hedge+ fund. The new issue closes on Nov. 14. Warren said the fund held its first round of meetings with private wealth managers and private bank investors last week with positive feedback. “The performance has been very, very strong, and investors have received it well,” he said.

The £159.6 million (US$326 million) multi-strategy fund of funds closed September up 2.02%, bringing its year-to-date gains to 19.09%.

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