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Family Office-Backed Real Estate Fund Raises $25 Million War Chest

Tom Burroughes

15 May 2017

US-based family office Christmann & Gütermann has supported a real estate investment fund which recently closed after having raised $25 million in capital commitments, according to Commercial Observer.

NYEG, a recently-formed venture led by real estate investor Philip Michael, intends to use the fund, called NYEG Fund I, to pursue its strategy of primarily investing in multifamily properties in secondary markets like Philadelphia, New Jersey and Baltimore, the publication said.

The family office provided most of the $25 sum comprising NYEG’s first fund, the report said. The family office is a New York- and Switzerland-based organization backed by the textile wealth of the Gütemann family; the report said it has around $6 billion in funds under management, of which about $2 billion is directed towards real estate.