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Real estate investment and development executive Don Peebles and private equity veteran Doug McNeely are launching a fund targeting the country's oversupply of office space. 

Peebles, who heads The Peebles Corp., and McNeely, who has held high-level roles at BlackRock and the Carlyle Group, seek to raise up to $1.5B for an office-to-residential conversion fund, Bloomberg first reported. It is the first initiative from the duo's new firm, Donahue Douglas, which they launched late last year. 

“We're building a transformational firm, world class, and we really want to impact the way people live, work and invest,” McNeely told Bisnow in an interview Friday. “So we do have great ambition. We're an alternative asset management company. Our first strategy is this strategy.”