Vornado to start private equity fund

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Office landlord Vornado Realty Trust is meeting with investors in the hope of raising $1 billion to launch a private equity fund, the Wall Street Journal reported. The fund, seeded with $200 million of Vornado’s own money, will purchase distressed assets. Vornado Chairman Steven Roth and Chief Executive Michael Fascitelli will oversee the fund. Vornado owns or manages about 100 million square feet of office and retail real estate, concentrated in New York City and Washington, D.C.