Former Och Ziff head of real estate David Gillerman has launched his real estate investment fund with an initial funding of €375m (£270m) from one investor.
The Crossroads Real Estate Fund has been majority backed by Dutch investment vehicle BXR Group. The fund has also attracted between €150 and €200m from three institutional investors.
Crossroads will be an open-ended fund investing in various asset classes and focusing on risk-adjusted returns.
At present most of the investment opportunities under consideration are in Germany, the Netherlands and Spain, but the fund has a wide geographic remit, said Gillerman.
The fund will also look at investments in equity and mezzanine positions and will be able to use up to 60% gearing, giving the fund a potential €920m to invest.
Prior to his leaving Och Ziff in June last year, Gillerman was investing equity in European real estate for the US fund, a continuation from his time at Lehman Brothers, where he worked in the real estate capital business as an equity principal and vice president.
