US real estate investment company FCP is seeking to raise $1.65bn (€1.7bn) for its latest US value-add fund, according to an investor.
The Teachers’ Retirement System of Louisiana disclosed in a meeting document that it has approved a $75m commitment to FCP Realty Fund VI.
FCP declined a request for comment. The US real estate fund manager raised $1.2bn for FCP Realty Fund V at the fund’s final close in September last year. Fund V is expected to hold $4bn worth of assets once fully invested.
The latest fund is expected to mainly target multifamily assets with a secondary focus on commercial properties such as office, life science and mixed-use.
Fund VI is expected to make around 45 to 60 transactions with up to 70% loan-to-value leverage component at the portfolio level.
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