The Public Safety Personnel Retirement System of the State of Arizona (PSPRS) has earmarked $50 million for the Lubert-Adler Recovery and Enhancement Fund, according to materials from the pension fund’s Nov. 17 meeting.
The value-add fund, managed by Lubert-Adler Real Estate Management, will invest in distressed properties affected by the COVID-19 pandemic. It will specifically focus on investing in preferred equity, mezzanine loans, senior loans and other distressed debt opportunities and primarily target investments secured by apartment, retail, office and hospitality assets.
As of September, the vehicle had secured $244.94 million, against an equity fundraising target of $600 million.
