Real estate fund raises $12.1 million from New York investorsFirst American-Israel Real Estate (FAIRE) Fund 2 has raised $12.1 million from New York investors. The investment will be used to make follow-on investments in Israel. The real estate fund has investors from the US, Canada, the UK, Belgium and elsewhere. The chairman of FAIRE, Shlomo Grofman, said the fund’s structure enables it to continue investing in Israel’s residential property market despite the recession. FAIRE, which is owned by Grofman and Zalman Shoval, manages $183 million in assets, including projects in Ramat Gan, and Tel Aviv.