The partners behind Mountgrange Investment Management are set to change the name of their firm and create a new partnership structure from April next year as they eye a second UK real estate opportunity fund, PERE has learned.
The London-based company, which was formed in 2007 by senior partners Manish Chande and Martin Myers, plans to rebrand itself Clearbell Capital.
With Myers now in his 70s, he has taken the decision to step back from any future fund the firm may raise. However, he will continue to have an executive role in the firm’s maiden vehicle, Mountgrange Real Estate Opportunity Fund (MoREOF) which raised £300 million (€342 million; $475 million) in 2009. The changes at the firm are also leading to the creation of a new partnership structure allowing up-and-coming Mountgrange professionals a greater economic interest in the business. The team includes partners Nick Berry, Sally Doyle-Linden, Rob West, and Rob Mills.
In a statement, a spokesman for the company said: “Martin Myers continues as a partner at Mountgrange Investment Management which manages the £300 million opportunity fund, Mountgrange Real Estate Opportunity Fund (MoREOF). Although remaining a partner in Mountgrange and continuing his role within MoREOF, with effect from April 2013, Martin will step away from the development of the fund management business.”
The firm declined to comment on any existing fund raising activities, but PERE has previously reported Mountgrange is among a number of UK-focused fund managers looking to return to the fundraising trail.
Its maiden fund MoREOF attracted more than 30 investors from around the world including the US, Canada, UK, Continental Europe, the Middle East and Australia, with capital coming from endowment and pension funds, sovereign wealth funds, fund of funds, high net worth individuals and family offices. According to PERE Connect, LPs include the New York State Common Retirement Fund and the New Zealand Superannuation Fund.
For more on Mountgrange, see this month's issue of PERE.