partnership raised about $30 million, its managing general partner said yesterday.

Grosvenor Limited Partnership was formed to give high net worth individuals a discreet investment banking service at lower costs than those traditionally offered, said Mr. William Dolan, managing director of investment management and finance at Grosvenor Partners Ltd.

He said the concept for the new investment vehicle grew out of the company's Grosvenor Portfolio Enhancement Programme.

That programme was designed to meet the needs of a number of high net worth individuals, who "knew what they required from a discreet investment banking service but were dissatisfied with the service they were currently receiving and the charges they were paying''.

"However, to obtain the benefits and cost reductions described in the investment objectives, a minimum of US$7.5 million was required,'' saidMr.

Dolan.

"A number of our clients found the Grosvenor Portfolio Enhancement Programme concept extremely appealing and raised the issue of being able to participate in the programme with an investment which was less than the required minimum.

"To meet this demand we have established the Grosvenor Limited Partnership, which will have a minimum of US$250,000.'' Grosvenor Partners Ltd. is the managing general partner for the exempted limited partnership and is responsible for the general administrative management of the Partnership's activities. It is an affiliate of Grosvenor Management Ltd.

Bede & Co. (Bermuda) Ltd. is the investment general partner and is responsible for the management of the partnership's investment activities. It is a sister company of Bede & Co. SA of Geneva, and a wholly owned subsidiary of Bede & Company Holdings Ltd.

Mr. Dolan said the point was to provide the partnership with services demanded by most institutional pension funds that are rarely available to private individuals, at no additional cost.

The objective is to achieve consistent above average returns with very controlled risk by following the same selection process for fund managers that Grosvenor uses in its original programme for high net worth private clients.

The facility uses the specialist expertise of the Investment General Partner, monitoring over 14,500 investment funds and over 3,400 investment managers, selecting outstanding performers in each investment sector. That group comprises those who have managed to achieve consistent above average returns while controlling their risk.