31.07.2008 - ING Real Estate launches global fund of funds
From Propertyeu.info: ING Real Estate Select has announced that the London Pensions Fund Authority (LPFA) is putting up £150mln (EUR 191mln) as seed investor in the global multi-manager's Orisis Property fund. ING Real Estate Select, the multi-manager business of ING Real Estate, said that Global Oisiris is one of the first open-ended, core balanced, global fund of funds to come to the market. ING Real Estate Select said that the fund will invest across the global real estate markets seeking best in class funds in the unlisted sector and boutique managers who are specialists in their niche markets. The fund is open to institutional investors with a minimum investment of EUR 7.5mln and targets a net return of 8-10%. Nick Cooper, global CEO of ING Real Estate Select, said: 'I believe we have created a fund which will appeal to investors seeking to diversify out of their domestic real estate markets through a tax efficient structure which minimises investor administration and filing requirements. With countries around the world at different stages of their property market cycles, we are now well placed to offer investors the benefits of entering these various markets, which is something we have until now only been able to offer our clients in a segregated account format which requires a larger amount of capital.'
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