Guernsey-based Argyll Investment Services has launched a fund to invest in the Serbian and particularly Belgrade real estate market. The Belgrade Pioneer Fund is open for investment until 15 November 2007. With a duration of five years, the fund has a minimum investment level of €15,000 and is expected to raise a total of up to €10 million. "Mentioning Serbia usually conjures up memories of civil war, hyperinflation and the regime of Slobodan Milosevic. Despite the continued uncertainty over Kosovo’s future, the reality of Serbia today is markedly different from that description. There is increasing political stability, including in external affairs, which is providing the foundation for strong economic growth," said Argyll director Stuart Place. The new fund is targeting returns of 20 per cent per annum net, will have a spread of investments, but will focus on residential developments in Old Belgrade. A larger, listed Serbian property fund is expected in the second quarter of 2008.