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Israeli fund manager Avi Katz is expanding his $650M real estate fund to New York next year in hopes of boosting investment into the fund.
The private investment vehicle, named Hagshama Fund, was founded in 2009 and targets investors willing to put down an average of $25k to own a percentage of self-selected real estate projects throughout the US, Canada, Israel and London.
The fund is hoping to further appeal to the burgeoning upper-middle class once in the US, although it will have ample competition to contend with—particularly with some of the world’s largest pension funds, Bloomberg reports.
Avi is also looking to expand into Poland and Panama, where the middle class is said to be growing. To date, his fund has averaged annual returns of about 15% and has roughly 23,000 investors. Hagshama investments include a $6M stake in a Manhattan residential building and an $11M stake in an office in London. [Bloomberg]
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