The investment seeks to provide current income with a secondary objective of long- term capital appreciation. The fund’s investment strategy will be, under normal circumstances, primarily to acquire stabilized, income-oriented commercial real estate (“CRE”) and debt secured by commercial real estate. Under normal circumstances, the fund’s portfolio will be principally comprised of properties, and debt secured by properties, primarily located in the U.S. but may also be diversified on a global basis throughinvestments in properties and debt secured by properties outside of the U.S. The fund is non-diversified.