LaSalle Investment Management has so far raised close to half a billion dollars for its latest US value-added real estate fund.
The manager disclosed in Ventura County Employees’ Retirement Association’s meeting presentation that the LaSalle Value Partners US IX fund had as of the end of last year received $475m (€437.1m) in capital commitments.
As previously reported, LaSalle is targeting a $1.25bn capital raise for the fund. LaSalle is contributing 2.5% of total fund commitments as co-investment. LaSalle raised $832m in 2020 for the previous fund in the series.
LaSalle disclosed in the meeting document that Value Partners US IX’s capital will be held as dry powder for now, enabling the manager to seize market opportunities when they arise.
LaSalle plans a four-sector portfolio for the fund, with residential and industrial each holding 30-45%, healthcare potentially taking 5-15%, and self-storage accounting for 5-15%.
Value Partners US IX will invest through various methods, such as acquisitions, equity recapitalisations, preferred equity, and distressed debt.
LaSalle declined a request for further comment.
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