Lubert-Adler is enabling investors to exit a real estate fund via the secondary market.
The Lubert-Adler Real Estate Fund VI-B was set up in 2010 to enable it to raise further capital for Real Estate Fund VI.
Now the fund manager is helping limited partners exit ahead of termination date of 18 December, according to one of its investors.
New Jersey Division of Investment, which committed $100m (€86.7m) to the vehicle, said Lubert-Adler had engaged Evercore as an agent to identify a buyer through an auction process.
The $77.5bn pension fund will be selling its $20m investment – only 20% of its $100m commitment had been called – according to a board meeting report.
New Jersey Division of Investment said the fund had performed well, producing a 20.5% net internal rate of return and a net multiple of 1.8x.
The pension fund also plans to commit $125m to Aermont Capital Real Estate Fund IV, which is close to raising €1.6bn.
The opportunistic fund will target major markets in Europe, including Paris, Berlin and London.
New Jersey Division of Investment said there were attractive opportunities in Europe, supported by low levels of development and improving economic conditions.
A previous version of this referred to Lubert-Adler Real Estate Fund VII-B, which was launched in 2017
