Farallon Readies Real-Estate Fund, Eyes $400M

Mar 19 2013 | 2:06pm ET

Farallon Capital Management is seeking up to $400 million for its first dedicated real-estate hedge fund.

The San Francisco-based firm is marketing the vehicle to existing investors, Fox Business reports. It hopes to raise about $350 million to $400 million.

The real-estate fund will focus on the U.S., although it will be able to invest some of its capital abroad. Farallon hopes to achieve an internal rate of return of 20%.

Farallon's move into real estate follows those of two private-equity giants, Kohlberg Kravis Roberts and TPG Capital Management, both of which are planning their first dedicated real-estate vehicles.

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