Overseen by managing principals Scott Landress and Jeff Giller, the new fund will invest in all types of real estate funds, partnerships and trusts globally. More than half of Liquid Realty's past investments were located outside of the United States, including a European portfolio investment that was the largest real estate secondary transaction to date.

Over the past two years, Liquid Realty says its funds have placed more than $1 billion in equity, fully invested two funds and is leading the real estate private equity secondaries market in transaction volume. The latest fund was funded by 39 investors, more than 70% of which also invested in the third fund. Fund investors include pension plans, endowments and foundations.

In June, the company acquired an undisclosed interest in a $286-million lodging portfolio in the Midwest, the South and the East that the company describes as seven full-service hotels located in strong markets. The deal the deal differs from many secondary investments in that Liquid Realty's position in the portfolio affords it greater control than is typically the case in secondary investments.

In March, it acquired a $60-million stake in two real estate opportunity funds focused on the US. The funds invest in lodging, senior housing, shopping centers, office space and mezzanine loans and are scheduled to be liquidated over the next three years, Landress said.

In 2006, it acquired interests in 10 Jersey Property Trusts valued at $775 million (435 million pounds) it was has been called the largest secondary real estate acquisition in history. The interests were acquired by Liquid Realty's third fund, which is fully invested in the trusts. A major investor in the third fund is the Canada Pension Plan.

Landress doesn't discuss the IRR investors in its funds generally expect. The standard IRR for opportunity funds ranges from 15% to 25% or more.