UK property specialist PURE International has launched a Worldwide Private Residences fund. This will consist of a portfolio of properties, each currently valued at around £1.35 million and totalling £51.4 million, through 300 interests each offering a minimum of five weeks personal usage per annum in one of 30 residences worldwide. These will include golf, spa, ski and sun in mountain, beach and city locations with a concierge-style resort and reservations team. The basis is a one-off fee with no management obligations or further fees to pay for the 10-year lifetime of the investment. Included within the subscription price are the cash requirements to fund the annual costs of local taxation, utility payments and so on for up to six years, after which the fund would look to remortgage the properties to cover additional operating costs as required. After a decade the fund will be liquidated, with 70 per cent of gains returned to the investors. This is the first of several planned property-based fund vehicles being launched by K2 Capital. The managers will aim to buy properties at between 10-15 per cent discount to bank valuation. The fund is based in the UK and is an unregulated collective investment scheme. Its regulated operator is tax advisor Chiltern who act as custodians and approve all fund investments by K2 Capital.