Russell’s Global Property Fund 1 has its first close
SYDNEY, 7 November 2007 - The Russell Global Property Fund 1 (GPF1 or the Fund) had its first close on 31 October 2007. The Fund is a global opportunistic property "fund of funds," which is open to Australian wholesale superannuation funds and has raised approximately USD $180 million for its first close.
The Fund's objective is to achieve a 13 per cent net internal rate of return over a 10 year term beginning at the end of the three-year investment period. The Fund will have its final close on 17 December 2007. The Fund provides investors with direct access to a set of specialist global strategies from property markets of the Americas, Europe and Asia ex Australia. The Fund was tailored exclusively for compliant superannuation funds and allows investors to complement their traditional 'income orientated' property exposure with total return driven and higher return property investments.
Russell's Managing Director of Institutional Investor Services, Stephen Roberts, said one of the leading features of the Fund is the opportunity for local investors to gain access to some of the best managers from around the world. "It is highly complementary to Australian clients who have existing property exposures in Australia and global listed property securities," Mr Roberts said. "We have made sure that GPF1 will exploit opportunities in the global private equity property market. Now with the Fund's first closing, we can begin making investments into the underlying funds. We see a number of exciting opportunities for the Fund to capture value by utilising managers that have unique access to their local property markets," Mr Roberts said.
To achieve growth for GPF1 in the global private equity property arena, Russell selects fund managers that access assets creatively, focus on making their returns from buy and value add strategies, and that are conscious of controlling risk.
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