Och-Ziff raises $735m

The New York-based firm’s real estate arm closes debut credit fund.

Och-Ziff Real Estate Credit Fund held a final close at $735 million. The fund targets mezzanine debt investments with returns of between 10 percent and 13 percent, and invests in assets as diverse as distressed land, casinos and senior housing. The vehicle had originally targeted $800 million at its launch in March 2015.

The New Jersey Division of Investment and the Industrial Commercial Bank of China (ICBC) Asia are among the investors in the fund.