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Florida focus for fund

Ascent Fund Managers is introducing a fund that will invest in residential property on Florida’s Gulf Coast.

The company is seeking to raise 15m for the Ascent 07 Florida property fund.

With up to 70 per cent gearing, Ascent will aim to create a 50m fund to acquire resort-style, amenityrich second homes and principal residences.

The objective of the fund, which will be based in Guernsey, is to achieve an internal rate of return on investors’ total commitments in excess of 10 per cent a year over the five-year life of the fund.

Ascent says this return will be derived from a combination of income generated from the properties, rental growth, capital appreciation and gains on disposal of the properties.

UK adviser to the fund Lindsay Hopkins says: “I believe the nature of the fund makes it a particularly attractive investment opportunity for self-invested personal pension or small self-administered scheme investors seeking diversification into residential property but unsure of current prospects within the UK market.”

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