Kames Capital extends property offering with PAIF launch

The fund will be co-managed by David Wise and Alex Walker, part of a team that already manages a number of institutional funds, including the Kames UK Active Value Property fund. The PAIF will invest the majority of its assets in direct property, with 50% managed using the team's active value style and 30% in core assets yielding 5.5%-6.5%. The remaining 20% will be in indirect property, including REITs, and cash. PAIFs have enjoyed a surge in popularity in the last year, with firms such as Standard Life Investments converting existing funds into the new structure, and other groups...