Liquid Realty principal and CEO Scott Landress tells GlobeSt.comhe is restricted by confidentiality agreement from naming eitherthe seller or the funds in which it acquired interests. Landresswould say that the funds in which it acquired interests invest inlodging, senior housing, shopping centers, office space andmezzanine loans and are sponsored by a "leading US fund manager."The funds are scheduled to be liquidated over the next three years,he says.

The interests in the funds were acquired by Liquid Realty'ssecond and fourth funds, with the second fund acquiring one-thirdof the interest and the fourth fund acquiring the remainder. Theinvestment largely exhausts the equity in the second fund. Thefourth fund, which has not yet held its final closing, is less than50% invested, he says. Liquid Realty's third fund is fully investedin 10 Jersey Property Trusts. A major investor in that fund is theCanada Pension Plan.

Liquid Realty has acquired $1 billion in secondary interestsglobally since launching operations in 2002. Its investors includestate and corporate pension funds, endowments, foundations andhigh-net-worth individuals. In 2006, it acquired interests in 10Jersey Property Trusts valued at $775 million (435 million pounds)it was has been called the largest secondary real estateacquisition in history. While Landress declined to discuss the IRRinvestors in its funds expect, industry sources tell GlobeSt.comthat the standard IRR range for opportunity funds range from 15% to25% or more.