UNITED STATES - DRA Advisors has already spent around 50% of the $1.25bn (€787.4m) of equity it has just finished for its DRA Growth and Income Fund VI.

It's very rare in the United States for a commingled fund to spend half of its capital before the money-raising is totally completed.

But DRA was able to show potential investors real assets the fund will be investing in when it purchased a 86-property apartment portfolio, acquired from UDR Inc. in March.

Pension funds were a big part of the capital raise for the commingled fund, and included a $150m contribution from Pennsylvania Public School Employees Retirement System.

The apartment portfolio was acquired for $1.7bn, through a combination of debt and equity, and assets are located in a variety of markets across the United States, including Florida, North and South Carolina, Ohio, Texas, Virginia and Washington.

Growth and Income Fund VI has a value-added investment strategy, so investors in the commingled fund are projected to achieve a net IRR in the range of 13-15%.

DRA hopes to improve properties through physical changes, a new leasing strategy and better management of assets in the four main property types - office, industrial, retail and residential - in metropolitan areas.