Regis Metro Associates Inc., a California-based real estate and advisory firm, has launched a fund for high-net-worth investors that provides access to customized portfolios of direct real estate investments.

The RMA Private Label Real Estate Fund targets real estate investments in greater metropolitan areas and is open to wealth advisors, registered investment advisors and multifamily offices.

The closed-end fund has a minimum fund size of $5 million and maximum size of $75 million, which typically includes five to 80 clients. The Private Label Real Estate Fund's capital remains under the wealth advisors' AUM.

"Our new product is particularly attractive for wealth advisors who are interested in providing their clients with a tailored real estate strategy," said Dani Evanson, managing director of RMA. "RMA will build and manage a customized real estate portfolio aligned to a wealth advisor's investment strategy through the Private Label Fund or separately managed accounts."

The Private Label Fund has an annual asset management fee equal to 1% of invested capital and an incentive fee, but no fees on committed capital.

-Karen DeMasters