Crow Holdings is targeting a $1.5bn (€1.4bn) capital raise for its latest US value-add real estate fund, according to an investor.

The Teachers’ Retirement System of Louisiana has approved a $50m commitment to the Crow Holdings Realty Partners IX fund, the pension fund said in a meeting document.

The Partners IX fund, which is expected to include a $100m commitment from the Crow Family, will have a leverage of up to 65%.

The fund will target existing apartment and industrial assets as well as some development opportunities.

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