Harbert Management’s fifth European real estate fund, which is seeking to raise up to €750m (€633m), has received a €50m backing from Teachers’ Retirement System of Louisiana.
According to Louisiana Teachers’ board meeting report, the pension fund has approved the investment in the Harbert European Real Estate Fund V.
Managed by Harbert Management Corporation, the fund expects to raise €600m with a hard cap of €750m. The maximum amount of leverage placed on the fund will be 65% of loan-to-cost at the portfolio level.
The fund looks to acquire value-add assets, including those requiring re-leaseing, repositioning and redevelopment.
Most of the investments will be made in office, logistics/industrial, residential and retail markets in UK, Spain and France.
According to Louisiana Teachers, Harbert is planning to make between 15 and 20 transactions, ranging from €50m to €285m in size.
Louisiana Teachers also said it has approved a $50m commitment into the Sterling Value Add Partners III fund.
It manager Sterling Organization is targeting a $450m fundraise to invest in value-add retail properties in the US.
It will be making a co-investment of 2.5% of aggregate commitments, up to a maximum of $5m.
- American Investors
- Capital Raising
- Closed-ended funds
- European Investors
- French Investors
- Harbert Management Corporation
- Investment Strategies
- Investment Vehicles
- Pension Funds
- Real Estate
- Spanish Investors
- Sterling Organization
- Teachers’ Retirement System of Louisiana
- UK Investors
- US Investors