The First Investor, the Qatari-based financial services firm that counts wealth management among its services, plans to launch two $500 million funds to invest in Russian and Brazilian real estate, the Financial Times reports.

TFI will partner with Russia’s Gazprombank to launch a largely Moscow-focused real estate fund in October 2010, according to the publication. Two parties reportedly committed a total of $150 million to the fund, which targets a 20-25 per cent return.

TFI and Qatari Diar, the real estate business of the Qatar Investment Authority, have reportedly made a “soft commitment” of $100 million to its Brazil-focused fund. Both parties are in advanced stages of negotiating a partnership with a local real estate owner and operator, the report said.

This fund will be reportedly launched in December and is targeting a 18-20 per cent return.

The First Investor is currently controlled by Qatari Diar.