The pilot reported an uneventful runup and normal takeoff. During initial climb, the engine lost power and he initiated a 180-degree turn towards the departure runway due to a lack of suitable terrain for a forced landing. During the forced landing, the airplane struck an airport perimeter fence and subsequently nosed into the ground. A post-accident inspection of the airframe and engine revealed no mechanical anomalies. The reason for the loss of engine power was undetermined.