The total value of the properties in Paulson & Co.’s $298.4 million Paulson Real Estate Recovery Fund has roughly doubled on paper since the fund was launched in 2009, an executive said Wednesday at the fund’s annual meeting in New York…The private-equity real-estate fund is primarily invested in raw land, as well as the hotel companies Extended Stay Hotels and CNL Hotels & Resorts Inc. The fund makes up a tiny percentage of the firm’s roughly $19 billion in assets as of August, but has nonetheless been a bright spot in a tough period for Mr. Paulson…amid major subsequent losses at his funds, according to investors, some clients have pulled out. Still, many investors have remained loyal and potential new investors have approached the firm recently about putting in money, looking to invest at a low point, said people familiar with the firm. [WSJ]
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