Kestrel Investment Partners, a UK-based investment manager, has launched the Kestrel Global Portfolio, a global multi-asset fund.

The UCITS IV fund is managed by John Ricciardi and opens with £25 million (about $40 million) in assets under management. Ricciardi is also assisted by Max Royde, the firm said in a statement.

Kestrel Global Portfolio uses multiple instruments to provide asset exposure, including bonds, exchange-traded funds, direct equity holdings and commodities.

In January, the firm appointed Stuart Rollason as lead manager of its Kestrel Inheritance Tax Solution.