Billionaire hedge fund manager John Paulson, of Paulson & Co., announced he would buy $100 million of CB Richard Ellis, the country’s largest commercial real estate firm. The company is selling $400 million of 10-year notes and $150 million of stock to raise capital to pay down existing debt.

Last month, Paulson announced he was starting a private equity real estate fund, the Paulson Real Estate Recovery Fund. He hired a former Lehman Brothers real estate banker and DR Horton executive to help manage it.

Paulson’s sudden interest in real estate and his $4.3 billion gold position are sure signs he is positioning the fund to profit from inflation.