LaSalle Investment Management has raised an initial $370m (€343.3m) for its latest US value-add real estate fund, according to an investor’s meeting document.

According to Ventura County Employees’ Retirement Association’s (VCERA) meeting document, the LaSalle Value Partners US IX fund, which seeks to raise $1.25bn, has had its first close. The pension fund also disclosed it had approved a $75m commitment to the fund.

LaSalle raised $832m in 2020 for the previous fund in the series.

VCERA’s real estate investment consultant, NEPC, said the fund has no hard cap and expects to have a final close in the second quarter of next year.

The fund, which will mainly acquire existing assets, could also invest in new development projects. The development portfolio of the fund portfolio is capped at 25%, according to the meeting document.

LaSalle did not respond to a request for comment.

In April last year, VCERA approved an increase to its real estate allocation target to 8% of its total assets plan compared with the 7.5% it had invested in the asset class.

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