Just re-read the announcement. Interesting actually. The relevant quotes:
"The institutional investor will co-invest approximately $100 million with the Fund ... The institutional investor will become a joint first mortgage investor"
The investor is NOT investing in the fund. They are providing their own loan facility however essentially investing alongside the Fund. However the impact of this is that it "releases" $100 million that the Fund has tied up in loans. Essentially it provides immediate liquidity of $100 million (subject to documention). Note that this investor will receive half the management fees.
MJS
Just re-read the announcement. Interesting actually. The...
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