Credo Group, the London-based international wealth manager, has launched an offshore property investment fund targeting the South African residents. Credo Fund III will target opportunities in the UK and Europe through Credo Properties UK, and is expected to acquire £150 million ($300 million) of property assets. The fund listed on the Channel Islands Stock Exchange last month, making it eligible for asset swap funds. Credo executive director Alan Noik told South Africa's Business Times that the recent strengthening of the rand has made it ideal for locals to invest offshore. He said many investors were not aware that they could invest more than the ZAR2 million ($300,000) foreign exchange allowance through asset swap. Mr Noik said: “Asset swap ensures that investors enjoy the benefits of offshore investments without restrictions. Since the money is traded through local banks who get regular offshore allowances from the SA Reserve Bank, it is not regarded as having left the country.” Fund III followed the success of Credo’s first two property funds. Fund I, which is fully invested, has to date generated a total return on investment of 89 per cent. Fund II is currently 72 per cent invested and has, since inception 18 months ago, generated a total return on investment of 18 per cent. Fund III will accept a minimum investment of £35,000 and will provide semi-annual dividends. It is expected to realise an internal rate of return in excess of 12 per cent. The life of the fund will be five years, with a potential two-year extension.” The Credo Group currently has more than £750 million in assets under management.