Och-Ziff launches real estate debt fund

Och-Ziff Capital Management is reportedly raising funds for a high-yield commercial real estate debt fund that will target a range of distressed and alternative assets. The hedge fund, through Och-Ziff Real Estate, is looking to raise $800m for the closed-end fund, targeting returns north of 10% and up to $13%, said a source familiar with the plans. The fund will make debt investments on assets as diverse as distressed land, casinos and senior housing.