Army & Air Force Exchange Service, Dallas, with $2.4 billion in assets, invested a total of $35 million in three hybrid real estate partnerships.
The AAFES fund placed $15 million in Fidelity Management's Fund 2, a combination of REITs and private equity holdings, said Mimi Sauers, chief of investments. The fund also invested $12 million in CMD Fund 3 offered by CMD Realty Advisors and $8 million in Apollo Fund 2, offered by Apollo Real Estate Advisors; both limited partnerships are combinations of buy-outs and debt instruments.
Wilshire assisted. Funding came from cash flow.