There's the prisoners' opportunity fund for transport.

For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.

"The opportunity funds got out, but the operators stayed," she said.

Purdue's opportunity fund is from Sallie Mae, its preferred lender.

Since inception, the firm has raised several opportunity funds with capital from private investors as well as the firm's principals.

"There are opportunity funds who have a certain stated rate of return and the longer they hold property, the lower the returns typically become," he said.

In recent years, opportunity funds and real estate trusts that required huge profits bought most of the skyscrapers that were put on the auction block.

We did a deal with an opportunity fund once," Mr. Born said, "and they asked us about our corporate structure.

"Pension funds are on the sidelines now, and opportunity funds are finding less compelling opportunities," he said.

"In 1999, opportunity funds raised approximately $30 billion to invest in real estate," he said.