US real estate investor Prado Group has raised an initial $200m (€169.5m) from investors, including Geolo Capital, for a new fund.

The manager said the Prado Alpha Fund intends to raise up to $250m from strategic investors for co-investment with institutional joint venture partners.

John Pritzker, founding partner of Geolo Capital, said: “Geolo Capital is proud to be one of Prado Group’s anchor partners alongside other key strategic investors who are driving much of the ideation and growth in the innovation regions.”

The Alpha Fund’s founding co-investors include private investors from San Francisco, Silicon Valley, Seattle, Los Angeles, Texas and New York.

The core-plus, value-add and opportunistic real estate fund will target existing or new development opportunities in the multi-family, retail and office real estate sector.

Zach Felson, the co-CIO and head of acquisitions for Prado Group, said: “Over the last two decades, Prado Group has achieved very strong returns by aligning with forward-looking and connected partners while executing deep value-add strategies in dynamic high growth, high barrier markets.”

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