Dividend Capital launches RE fund of funds

The Denver-based REIT and securities investor has branched into private equity funds, with a vehicle managed by a former GIC pro.

Dividend Capital Group, a diversified real estate investment management company that has previously invested in REITs and securities, has launched a new private equity fund of funds focused on global real estate value-add and opportunity funds.

According to the firm, the new closed-end fund will construct a portfolio of 10-15 real estate private equity funds diversified by geography, sector, investment strategy, investment manager, fund type and investment structure. The fund will be called Dividend Capital Global Real Estate Fund of Funds. The firm did not disclose the target size for the fund.

The fund’s portfolio manager is Howard Margolis, who prior to joining Dividend Capital was senior vice president of investments with the Singapore sovereign wealth investor Government of Singapore Investment Corporation. Margolis was responsible for over $3 billion of equity investments in and commitments to real estate private equity funds and joint ventures while at GIC, over $1 billion of which were made in ventures outside of the US – including Brazil, Mexico and Europe – according to the firm.