According to a prepared statement, the fund will "seek toexploit immediate and longer term opportunities emanating from thecurrent financial market dislocation." The fund is managed by CTInvestment Management Co. LLC, Capital Trust's wholly-ownedinvestment management subsidiary. A Capital Trust source could notprovide GlobeSt.com with any information pertaining to the fund,noting that what's in the release is all the information that it isbeing made public at this point.

John Klopp, CEO of Capital Trust, says in a prepared statementthat "this fund represents another important step in the build-outof our investment management practice. Coupled with the high gradefund that we announced in June, we have raised over $1.2 billion ofprivate equity capital in the last six months, positioning CT totake advantage of opportunities at all points in the real estatecapital structure."

The fund held its first closing in December 2007 and has athree-year investment period. CTIMCO will earn management feesequal to 1.6% of the aggregate committed capital during theinvestment period and 1.60% per annum of the aggregate investedcapital thereafter, plus incentive management fees after investorsreceive a return of capital and a preferential return.