Schroder Ventures International Investment Trust (SVIIT), a quoted private equity firm, has joined forces with GAM, the active asset manager owned by UBS, to help find cash for a fund to invest in undervalued public companies in the UK.

The UK Focus Fund will invest in up to 35 listed companies, identified by the investment team as being undervalued but with the potential of being re-rated over a three to five year time horizon. It is a departure for SVIIT from its usual practice of investing in private companies.