NEW YORK CITY-Vornado Realty Trust announced today that it has completed the first closing of its real estate investment fund with capital commitments of $ 550 million, including $ 200 million paid by the REIT on a local basis. Vornado expects the total commitment of $ 1 billion for the fund, which would target 20% IRR for the buildings of high quality offices in key markets.
In April, the Oregon Public Employees Retirement Fund has approved a commitment of $ 100 million of funds to Vornado. According to a press release, affiliates of Vornado will partner and investment manager. Vornado, said the fund will be your sole investment vehicle for all buildings and real estate investments that meet the parameters of the Fund for its investment period of three years.
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Like any investment, mutual funds require careful planning. Overall, the strategy is pretty much the same regardless of what type of investment you are making, but due to their nature mutual funds require a slightly different form of research.