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Tchenguiz and Lanphere to launch £500m debut private equity fund

Iranian property magnate Robert Tchenguiz and former director of Morgan Grenfell Private Equity Scott Lanphere are to launch a property-based private equity fund. The fund will be managed by Tchenguiz's new investment firm, Aletheia Partners, and will target between £300m and £500m.

The fund will target companies with mid-market opportunities with sizeable property assets in the UK, Germany and France. It will identify companies with existing management teams to run cash generative property-based businesses, according to the Financial Times.

Tchenguiz already owns a real estate fund, Rotch Property. He has also invested in a number of cash-generative asset backed operating companies such as Pubmaster and Asite, a construction industry also backed by Kohlberg Kravis & Roberts.

Lanphere left Morgan Grenfell Private Equity in May last year, after leading the troubled investment in Slec, Bernie Ecclestone's Formula One holding company that ultimately cost the firm £250m.

Aletheia Partners recently abandoned attempts to acquire UK department store Selfridges. Tchenguiz blamed uncertain trading conditions in the retail sector for his decision to walk away.

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