The new BVI-registered fund established by the international property developer
A new private equity property fund was launched some days ago by De Rosen Capital Management, to work in the market of exclusive homes for multi-millionaires. The new Global Waterfront Fund, domiciled in the British Virgin Islands, is looking to raise $100 million by investing and developing waterfront residential property in the premium Mediterranean and Caribbean locations.
The fund is going to create a stream of development projects to be sold on completion, and will seek to achieve absolute returns. The projects will include both the development of rural land and renovations of rebuilding existing properties.
The locations chosen for the launch of project are St. Barts, Harbour Island in the Bahamas, St. Tropez, Cap d’Antibes, Cap Ferrat, and similar resorts.
De Rosen, an international property developer, put together the fund with Mark Shadwick, director of several offshore hedge funds, and Olivier Dupraz, which is a former managing director at UBS, because there are more deals than capital available. This measure will presumably help to attract capital for further development.
Currently the new BVI-based fund is seeking capital commitments by way of a share issue in both Euro and Dollar classes, with the minimum subscription is $500,000 or €500,000. The purpose of the fund is to return to investors in excess of 20% per year.
The Global Waterfront Fund is now marketing to institutional, family office and ultra high-net-worth investors.