Zell starts distressed fund

Sam Zell has put together a $625 million fund to buy distressed securities, including those backed by commercial real estate. Zell filed a notice last month to create Zell Credit Opportunities Fund, which began raising money in July. He sold his real estate empire, Equity Office Properties Trust, to Blackstone Group for $39 billion in early 2007, at the height of the market. Zell has called himself the “Grave Dancer” for his ability to make a profit off of troubled assets.