LOS ANGELES—A newly formed private real estate investment company has closed its first fund. Tryperion Partners LLC now has $50 million of fully discretionary committed capital in its Tryperion RE Fund I. The company plans to use up to 75% leverage to give the fund a $200 million investment potential.

The fund will focus on value-add acquisitions and recapitalization opportunities in secondary markets throughout the West and Southwest United States; while assets will vary across property types and include office, retail, hospitality and multifamily.

The equity investments of the fund will range between $5 million and $15 million, with the hopes of finding properties overlooked by larger firms.

Tryperion Partners was founded by former Canyon Capital Realty Advisors employees Joseph Kessel, Eliot Bencuya and Jeffrey Karsh.