Portland Capital, a real estate investment business backed by some of the UK’s most prominent financiers, is winding down its business after substantial losses, blaming increased volatility in the listed property markets for the decision.

The company was set up in 2006 by backers including Sir Ronald Cohen and Lord Jacob Rothschild. They hired prominent fund managers to run a global real estate securities fund, and it was hoped the business would raise over $1bn (€697m) from investors.