Asset management firm’s private equity fund launches, with £10m already pledged
Family-owned asset management company, The Seventy Ninth Group, has launched its Private Equity Fund (PEF) and more than £10m has been pledged.
The new product, which launched in the third quarter of 2024, with a total share issuance of £100m, represents a major milestone in the company’s growth trajectory and offers a unique opportunity to access the UK property market, it says.
The fund aims to be fully subscribed by the end Q1 2025, which will make it one of Europe’s largest private Real Estate funds, it claims.
The fund is designed to capitalise on acquiring distressed and undervalued assets across various real estate sectors, including residential, commercial, and leisure.
The Southport-based Seventy Ninth Group, headed up by the Webster family, identifies opportunities at times of global economic instability, and acquires assets below market value, it said.
The fund is set up as an Experienced Investor Fund (EIF) and has a minimum commitment of two years.
It follows Gibraltar’s Protected Cell Companies Act, and will be divided into cells, with each cell representing a distinct class of shares.
The fund’s success will be measured through capital growth, targeted annual returns and the ability to manage distressed assets to increase their value, as well as through ongoing valuation of assets using IFRS principles.
Group managing director, Jake Webster, said: “Our new Private Equity Fund represents a significant opportunity for individuals and organisations seeking exposure to the UK property market. It has already proven popular with the British buy-to-let market, with investors who have realised this is a great alternative to owning buy-to-let property directly.”
He added: “Leveraging our expertise in acquiring and managing distressed assets, allows us to offer a product with the potential for substantial returns even in challenging market conditions.”
