London-based Thames River Capital is launching a long/short property fund focused on pan-European real estate securities on 30 November. The Thames River Longstone Fund will target a net return of 12 to 15 per cent per annum and will be managed by Marcus Phayre-Mudge and Christian Roos. The fund will aim to capitalise on structural inefficiencies in the listed real estate sector through a long/short strategy with an over-riding bias towards real estate fundamentals. The company says the strategy will seek to exploit volatility within the real estate securities sector, focusing on stock picking while reducing risk through natural hedges.