LaSalle Investment Management has launched a global “relative value” indirect real estate fund, which can invest in funds, joint ventures, listed securities and debt, raising $320m (€266m).
The LaSalle Global Navigator Fund, created under the LaSalle Global Partner Solutions (GPS) business, has also received a $25m of co-investment capital from parent company JLL.
It is the flagship vehicle for GPS, LaSalle’s indirect real estate platform, which was enlarged when it acquired Aviva Investors’ Real Estate Multi-Manager arm in 2018.
LaSalle said the newly launched fund recently invested in a US medical office fund and a UK student accommodation fund and has significant capital to make further investments.
The open-ended fund can invest in a range of structures – including funds, joint ventures, co-investments and listed securities – and is also able to invest across the “four quadrants” of private and public equity, and private and public debt, seeking relative value.
Fund manager Catriona Allen said the launch and subsequent momentum reflected increasing demand from investors for access to global investment opportunities across the risk spectrum.
“The fund aims to offer clients a compelling combination of attractive risk-adjusted returns, reliable cash flows with strong downside protection and robust liquidity.
“Our experienced global team has hit the ground running and we are looking forward to further growing the fund and continuing to invest across a range of geographies, managers and underlying asset types.”
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