LOS ANGELES-A new joint venture that seeks to cultivate the nextgeneration of real estate investment fund managers has been formed.The Canyon Catalyst Fund has teamed withRubicon Point Partners, and they have alreadyclosed on their first property.

The new JV will focus on pursuing Northern California office,R&D and data center properties ranging from $60 million to $100million. Former U.S. Dept. of the Treasuryofficial Ani Vartanian-Boladian is the managingpartner of Rubicon.

Rubicon Point Partners represents the first partnership for theCanyon Catalyst Fund, a joint venture between CanyonCapital Realty Advisors and the California PublicEmployees' Retirement System (CalPERS). The $200 millionfund, which will facilitate $400 million of investment, is designedto identify early stage real estate managers with strong potentialfor success, access to unique investment opportunities, andcultivate the next generation of real estate investment managers.Canyon provides direct oversight of investment sourcing, selectionand deal structuring, and oversees asset management through tofinal realization.