Kennedy-Wilson Forms Venture Capital Unit

Shares in Kennedy-Wilson Inc. rose 25% after the real estate services firm said it formed a unit to manage its venture capital investments in business-to-business firms. Beverly Hills-based Kennedy-Wilson rose $2.06 to close at $10.31 on Nasdaq. Earlier the shares touched $11.25. Kennedy-Wilson formed Global Technology Corp. to manage its investments in companies such as PropertyFirst.com, an Internet-based commercial listing company, broadband provider Hotwire Inc. and EProperty.com, the company’s own online real estate transaction and services company. The company said earlier this week that it closed its largest investment to date in Infocrossing Inc., a collocations services provider. By making the investments, Kennedy-Wilson said it will eventually be able to offer the companies’ services to its clients. Kennedy-Wilson said it hired Hoch Cho and Charles Song, both formerly of the Baltimore-based private equity firm Cahill, Warnock & Co. Chairman and Chief Executive William McMorrow will oversee it.