The third fund officially closed Jan. 27, but word has just reached the street. William Benjamin, managing director of New York City-based Apollo Real Estate Advisors' European operations, was unavailable for comment by press time. "We believe that current market conditions provide excellent investment opportunities for our business model," he said in a press release, "and we look forward to continuing to deliver strong returns to our investors."

The fund's managers plan to invest about 40% to 60% of the fund in the UK, France, Germany, Switzerland, Italy and Spain. The UK and Western Europe each have been earmarked for 30% to 40% of the pool. The 20% to 25% balance will be deployed in Central and Eastern Europe. The target product is retail, office, industrial and residential.

According to the Apollo release, the fund's roster is made up of new and existing investors. The general description covers all bases: a mix of large institutional investors, pension funds, insurance companies, financial service firms, universities, foundations and charitable trusts from the US, Europe, Middle East and Australia.