Sam Zell Forms Distressed-Asset Fund

Equity Group Investments LLC Chair Sam Zell, the legendary real estate entrepreneur and owner of the Chicago Cubs baseball team, filed a private-placement notice in August for a $625 million fund that seeks to acquire distressed commercial mortgage-backed securities, Bloomberg reports.

The private-equity fund, Zell Credit Opportunities Fund LP, is initially being backed by undisclosed investors.

A spokesperson with Equity Group Investments declined to comment on the fund, Bloomberg says. According to its Securities and Exchange Commission filing, dated Aug. 7, the fund began raising money in July.

SOURCE: Bloomberg

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