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WASHINGTON, DC-After launching in 2007 with an eye toward acquiring distressed assets, Grosvenor Residential Investment Partners I–a $100-million fund launched by Grosvenor Investment Management and KeyCorp Fund Management Group–is nearly halfway invested at 45%. However, it had to adjust its focus slightly to get to this point.

The fund’s original intention was to acquire distressed assets–and indeed, it has acquired some. However, with the number of such deals less than expected, the fund has shifted to a hybrid approach, David Reiner, managing director of GIM, tells GlobeSt.com. “The super majority of our acquisitions have been either defaulted notes or foreclosed assets from banks, such as finished lots or partially developed land. But we have been willing to consider other deals as well.”

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