London-based property fund manager Mayfair Capital Investment Management is relaunching two of its funds.

The MC Special Opportunities Fund has been renamed the MC Property Growth Fund No 2 to better reflect its investment objectives, according to a statement from Mayfair.  This fund targets institutional investors, wealth managers and private clients.

“The window for picking up distressed opportunities has closed and the fund is oriented towards seeking capital growth. The investment objective of returning 10 per cent per annum capital growth (with minimal income distributions) over a three- to five-year period remains unchanged and is consistent with the return objective of our original MC Property Growth Fund,” said fund manager and Mayfair co-founder James Thornton.

The newly-named fund has wider investment powers than its forerunner and can invest in quoted securities and indirect vehicles such as unit trusts, as well as joint ventures. 

“Institutional investors are using this fund as a complement to their core portfolios and a means of gaining exposure to investment propositions higher up the risk curve.  Individual qualifying investors in the fund, gaining access directly and through their pension funds or offshore bonds, have been attracted by the capital growth-orientated return, which is taxed as capital gains,” Thornton continued.

Simultaneously, the MC Income Plus Fund has been restructured to cater to pension fund investors. 

Mayfair Capital was formed in June 2002 as an independent property fund management business designed to serve charities, private investors and pension funds.  It currently manages more than £350 million (about $550 million) in pooled funds and advisory mandates.