Harbert seeks $600m for latest US value-add property fund

Harbert Management Corporation is seeking to raise $600m (€543m) for its latest US value-add real estate fund, according to an investor.

Teachers’ Retirement System of Louisiana (TRSL) said in a board meeting document that it has approved a $50m commitment to Harbert United States Real Estate Fund VII, which targets mid-market assets in non-gateway markets.

Harbert’s previous fund raised $428.5m in December 2017.

TRSL said it had also approved a $75m commitment to the Cabot Industrial Value Fund VI, which is targeting $800m in capital. Its predecessor reportedly raised $775m in August 2017.

Cabot’s industrial-focused value-add fund will invest predominantly in North America.

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