Palmer Capital Partners has appointed fund manager Rupert Sheldon to its board.
Sheldon who has been recruited to oversee the recently launched £150m Palmer Active Value Fund joins from Henderson Global Investors, where he was highly regarded for his management of the £250m Henderson UK Property Fund.
Henderson has replaced Sheldon with Ludo Mackenzie, who joined Henderson in March last year and has been managing money on behalf of European institutional investments.
The Palmer Active Value Fund will seek venture-style returns through active management, via PCP’s stable of venture capital-backed property companies.
The fund has raised an initial £20m of equity. PCP hopes to raise a further £40m by its second closing next quarter, allowing a geared fund of circa £150m.
Sheldon said: “The opportunity of joining an entrepreneurial company with the focus and ambition of PCP is very exciting.”
Jenny Buck, fund of fund manager at Schroders Property Investment Managers, said: “As an investor in the Henderson UK Property Fund I am sorry to see Rupert go.
However, as a cofounding investor in the Palmer Active Value Fund, I am delighted that PCP has made such a significant commitment to its burgeoning fund management business.”
References: EGi News 21/10/05
