Specifically, PRC Securities will focus on raising joint venture equity for project-level and programmatic investments as well as commingled discretionary funds for public and private real estate investment companies. It will be targeting funds that seek to raise capital in the $350 million to $500 million range--an underserved market, managing director Jay Jarrett tells GlobeSt.com. PRC Securities hopes to land between two to three fund-raising mandates a year. The new subsidiary is working on an emerging market mandate, according to a source.

Perseus has been active in related activities, Jarrett says. "Since our inception over three-and-a-half years ago, we have been providing creative solutions to recapitalize structures, equity and debt for third party owners and operators. The formation of PRC Securities allows us to formally expand that platform capability to raise discretionary fund capital for third party owners and operators." The new arm will be working with both first-time and established sponsors, he adds.

Institutional capital will be the target base for the fund-raising activities--particularly institutions interested in international opportunities. The company says that while it expects certain sectors to be overweight in capital temporarily, over the next 10 years there will be significant investment opportunities in emerging markets. Julie Rost from Eastdil Secured has been tapped to lead the West Coast operation.