CB Richard Ellis Group and Reech AiM Group have formed a joint venture to set up property hedge funds with a UK and European focus. Launched successfully on May 12th, the Iceberg Alternative Real Estate is a relative value commercial real estate hedge fund.

The hedge fund has a minimum investment of £500,000 ($991K). With a 24 month lockup period, Iceberg has a 1.5% management fee and 15% in performance fees. More here.

Also at Hedgeco, Global Investment House announced the launch of the 'Global Islamic Fund of Funds', an open-ended fund of funds investing in local and international Shari'a compliant funds. The new fund will invest in all types of funds such as equity, real estate, hedge funds and private equity funds compliant with the Shari'a law.