Don Peebles, head of development behemoth The Peebles Corporation, plans to launch a $350 million real estate investment fund.
Peebles told Real Estate Weekly he has recently begun raising capital for the fund, which will invest in Peebles’ own projects as well as developments by “emerging mid-sized developers” in several major U.S. cities, including New York.
“The fund will be more along the lines of a venture capital model,” Peebles said. “We are not just deploying capital as an allocator, but as a development partner.”
He added that the fund, which will solely provide equity and raise capital from institutional investors, is set to launch in the second or third quarter of 2015.