The fund has closed on $23 million in commitments to date with agoalof $50 million and the potential to expand to $100 million atsomepoint, says senior partner Bryan Kornblau. It is currentlytargetingpension funds and endowments as potential institutionalpartners. The investment strategy is focused on restructuringcapital in troubled projects, he tells GlobeSt.com. "We like to betied high in the capital stack, adding incremental capital to addvalue." Kornblau adds that the company is not just a financialplayer but also has experience on the development and executionside. "We are able to move a project along on allfronts," hesays.

The company was spotlighted recently with its investment in WestBroad Village, a local $300-million mixed-use project that was indanger of default. The company partially funded a $9-million debtinfusion--its largest-sized investment to date, which is alsoillustrative of its sparing use of capital, Kornblau says thathelped saved the project.West Broad Village was ready to be takenback by the bank at a large haircut, he explains.

The fund has largely focused on the Central Virginiamarketplace, in such cities as Richmond and Charlottesville andalso the Tidewater area. However it is also interested in otherareas in the Mid-Atlantic, says Richard E. Core Jr., a seniorassociate at the company. "We would also consider Maryland and theCarolinas." Demand for the fund'sinvestment approach has beenstrong, he tells GlobeSt.com. "We have had requests to go as farafield as Arizona or Nevada."