Portland Capital, the boutique fund-management group launched by Sir Ronald Cohen and Lord Rothschild, has raised $200m (£101.3m) for its first product – a global property hedge fund. Financial Times

The ungeared fund is designed to go either short or long on real estate securities amid increasing volatility in property markets worldwide.

The Portland fund will have a around 50% exposure in Europe, around 30% in Asia and 20% in the Americas.

It will typically will find arbitrage opportunities where shares are either overpriced or underpriced compared with their asset value and their wider domestic market.

It is run by George Kountouris, previously a real estate banker from Credit Suisse, and Nigel King, former head of European real estate finance at Salomon Brothers.