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LOS ANGELES-Canyon Catalyst Fund has announced two new joint ventures, its third and fourth in a series of partnerships designed to cultivate the next generation of real estate investment fund managers. The latest deals will result in roughly $120 million to $200 million of investments in urban multifamily and office property acquisitions.

The Canyon Catalyst Fund is a new joint venture between Canyon Capital Realty Advisors and the California Public Employees’ Retirement System (CalPERS). The $200-million fund, which will facilitate $400 million of investment, is designed to identify early stage real estate managers with strong potential for success, access to unique investment opportunities, and cultivate the next generation of CalPERS portfolio talent. Canyon provides direct oversight of investment sourcing, selection and deal structuring, and oversees asset management through to final realization.

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