Cross Lake Partners launches first solo fund

Cross Lake Partners, an investment management company launched two months ago by the former heads of Paulson & Co.’s real estate operation, has launched its first solo fund, according to an SEC filing.

The value-added vehicle, Cross Lake Real Estate Fund III, aims to raise $250 million of equity commitments.

When launched, Cross Lake continued to oversee Paulson’s Real Estate Recovery Fund, launched in 2010, and Paulson Real Estate Fund II, launched in 2013. The two funds have roughly $1 billion in assets. The entire real estate team at Paulson moved to Cross Lake.