UK institutions back third Columbus opportunity fund

Columbus Capital Management, the separately run, opportunity fund division of Schroders’ property business, has raised £80m at the first closing of its third fund.

The new fund has a lower target return than previous funds, at 15%. Ten UK institutional investors have subscribed to the fund. Like other sponsors, Columbus hopes to attract more equity in subsequent closings over the next 12 months.

Columbus’s managing partner is Joe Froud, who has invested in the new fund along with four other Columbus and Schroders directors.