Desjardins Group has launched a Canadian private real estate investment fund for institutional investors through the company’s asset management arm.

The DGAM Canadian Private Real Estate Fund kicked off with an initial $300-million in a diversified portfolio that includes multi-residential, industrial and shopping mall assets. The specific assets and locations were not identified.

Montreal-based Desjardins said in a news release that the new fund focuses on low debt and attractive, stable income, as well as a low correlation to traditional asset classes.

The fund will be managed by Tony Roy, Desjardins’ vice-president and head of real estate investments, under the direction of Frédéric Angers, tvhe company’s vice-president and chief investment officer for private markets.

Roy’s real estate investment team includes 10 investment professionals based in Montreal, Lévis, Que., and Toronto. The team members have been delivering strong results for major Canadian institutional clients for 26 years, and during this time have accumulated nearly $4 billion in real estate assets under management.

Desjardins ranks as North America’s largest financial group and the fifth-largest in the world with $435.8 billion in assets at last report.