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CHICAGO-Equity International, based here, has announced that it has completed its first fund. The company, which was co-created by Sam Zell and Gary Garrabrant, achieved a 24.4% annual return on investment over nine years, according to a release. Company representatives declined to be interviewed.

The fund was created in 1999 and had a focus on real estate-related businesses based outside of the US. The fund had a concentration of investments in Mexico, including investments in Mexican homebuilder Homex, shopping center developer and operator Mexico Retail Properties, Mexican industrial property company Corporate Properties of the Americas and real estate specialty finance company Credito Inmobiliario. The fund also invested in NH Hotels, headquartered in Madrid. The fund generated total gross proceeds of $991 million, according to the release.

Earlier this year, Equity International received approximately $500 million in equity capital commitments for its fourth fund. The total value of the fourth fund is expected to be $1.5 billion.

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