Investment bank Perella Weinberg Partners will launch a real estate fund through a joint venture with New York-based real estate firm Fisher Brothers. The firm has also hired Leon Bressler to oversee its activities in real estate.
Bressler, formerly the chairman and chief executive of French property investment firm Unibail, will be based in the firm’s London office.
The New York-based firm was founded in June by Morgan Stanley M&A veteran Joseph Perella. It plans to manage a series of vehicles focused on alternative investments funded by $1 billion (€800 million) from its 11 founding investors, including Fisher Brothers, as well as outside capital. Perella Weinberg says it will commit some of its own capital to the new real estate fund and intends to the raise the rest from institutional investors.
Over Bressler’s tenure at Unibail, which began in 1992, the firm’s portfolio grew to more than €9.4 billion ($11.8 billion), making it one of the largest property investment concerns in continental Europe according to market capitalization.
Bressler began his career at Chase Manhattan Bank and spent time in the Paris, New York, Stuttgart, Frankfurt and London offices. He joined Midland Bank in 1978, where he helped established its French presence. He served as chairman of Midland’s executive board from 1984 to 1989. He then joined the Lanvin Group as chairman and chief executive of Jeanne Lanvin and Lanvin Perfumes before moving to Worms & Cie as managing partner.