Private bank and wealth manager LJ Capital has provided up to £500m of capital to set up a private equity fund manager with former London & Regional deal-finder Jason Kow.
The company, Queensgate Investments, has launched a fund backed by five LJ Investment Group family office clients, who have allocated £100m of discretionary capital and up to £400m of non-discretionary co-investment equity.
LJ Investment Group is a subsidiary that manages £4bn of assets for about 200 wealthy families, mainly in fixed income. About 20% is in direct or co-investment in either private equity or real estate deals. The £400m potentially available to Queensgate is additional capital.
LJIG is headed by Andrew Williams, who previously ran Colliers’ then Cushman’s hotel and residential businesses. LJ Capital is backed by part of the Guggenheim group.
Williams said: “A lot of our families want participation and greater transparency. The £400m will allow us to look at larger investments. Our clients will have first option on these deals.”
Kow will focus on hotels, long-income assets and special situation trades in the UK and continental Europe. Simon Berrill, formerly at DTZ and Macquarie Bank, is an adviser to Queensgate.