Abu Dhabi Investment Council is a sovereign wealth fund operated by the Middle Eastern emirate. It was founded in 2007, having split off from the much larger Abu Dhabi Investment Authority, and targeted a wide range of investments, including debt and property, the latter of which represents a relatively small percentage of the funds total assets. The fund has been quite active in real estate, taking on office, retail, industrial, residential, and hotel properties. In 2008 the council purchased the Chrysler Building (along with Tishman Speyer Properties) for $800 million. The following year it became a major shareholder in Extell Developments condo and hotel project at 157 West 57th Street. In 2013, the council joined a consortium of investors that purchased an office block in Tokyo for $1 billion. All told the fund is said to possess more than $110 billion in assets under management.