Legacy Health System, Portland, Ore., with $508 million in assets, invested $5 million in the Clarion Lion Properties Fund, said Tricia Gianelli, vice president, finance. She would not say how the investment was funded. The Clarion fund, a new open-end private equity real estate fund, is a research-based risk-managed fund that invests in office, residential, retail and industrial properties. Clarion is co-investing $350 million. R.F. Kuhns assisted.