Dallas-based private equity real estate investment firm Encore Enterprises will launch a new investment vehicle through its Encore Capital subsidiary. The fund, Encore Opportunity II, has set a target to raise $150m in capital, with an option for an additional $100m, and is expected to close in Q409, the company said. Leading the fund is Donna Arp, a 28-year finance and real estate investment veteran and former mayor of the city of Colleyville in suburban Dallas-Fort Worth, Texas. Arp assumes the role of president of Encore Capital after most recently servicing as CEO and president of Realty Capital Partners, an investment firm in Colleyville. In her new role, Arp will launch the new fund and oversee debt and equity financing for real estate projects that meet Encore’s investment criteria and scope. “We are excited about the opportunities we see in the real estate market, and the new dimension Donna and Encore Capital bring to our organization. We have established a strong performance track record over the last decade and Donna will play an important role in helping us meet our high expectations for the next decade,” Encore Enterprises president and CEO Patrick Barber said. “Donna Arp is a proven real estate investment veteran and we are pleased to have a professional of her caliber lead the newly created Encore Capital,” he added. Write to Austin Kilgore.