Barrow Street Capital, a real estate investment firm in New York, has closed Barrow Street Real Estate Fund II. The fund will make opportunistic investments in medium-size real estate transactions in selected U.S. markets with local operating partners. Significant investors in Fund II include clients of General Motors Asset Management, such as General Motors Pension Trusts.

Fund II is the second real estate investment fund sponsored by Barrow Street Capital, which is owned and managed by merchant bank Greenhill & Co. and the principals of Barrow Street. The first fund, Barrow Street Real Estate Fund L.P., was closed in Jan. 1999.

"We are pleased to have launched Fund II, which is well-positioned to capitalize upon a wide variety of attractive opportunities in the current domestic real estate environment," says Peter Krause, chairman of Barrow Street Capital and managing director at Greenhill & Co.

Since its inception in 1997, Barrow Street has completed $469 million of U.S. real estate investments, including 3.5 million sq. ft. of office, industrial, R&D, multifamily, manufactured housing, parking and retail properties.