Adam Neumann’s Side Bet Selina Seeks $500 Million Property Fund
- Venture is working with Bank of America on fund targeting U.S.
- Selina uses regional partners to operate in other countries
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Adam Neumann’s stint as WeWork’s chief ended last month as the office-sharing venture put its initial public offering on pause -- but one of his many side bets is building a war chest for a rapid expansion.
Selina, which provides travelers with co-working spaces, accommodation and leisure activities, is working with Bank of America Corp. to raise a $500 million investment fund dedicated to U.S. real estate, according to its president, Yoav Gery. Neumann is among the firm’s more prominent backers, which also include Len Blavatnik’s Access Industries and Tom Barrack’s Colony Latam Partners.