A mutual insurer is hoping to profit from the economic turmoil.
Guardian Life Insurance Company of America, New York, says it has agreed to invest up to $100 million of equity in the KW Property Fund III, a fund managed by Kennedy Wilson Inc., Beverly Hills, Calif.
The $1.25 billion fund focuses on financially distressed and under-managed real estate assets, Guardian says.
Guardian also has invested $24 million in efforts by a Kennedy Wilson fund to buy an apartment community in San Jose, Calif., and it paid $30 million for Kennedy Wilson convertible subordinated debt.
When fully converted, the subordinated debt investment will give Guardian a 10% stake in Kennedy Wilson, Guardian says.