Arizona PSPRS commits up to $40m to Lubert-Adler
The $8.3 billion Public Safety Personnel Retirement System of the State of Arizona has committed up to $40 million to Lubert-Adler Real Estate Fund VII-B, according to a board-meeting document.
Lubert-Adler Real Estate Fund VII-B, managed by Lubert-Adler Partners, is a co-investment vehicle for Lubert-Adler Real Estate Fund VII, which closed in 2015 with $485 million in equity commitments. Fund VII is a closed-end, opportunistic fund that targets middle-market properties in the United States, with a focus on multifamily assets, though hotel, office and retail properties will be targeted as well. The majority of investments will be in the northeastern United States, though the fund also will pursue opportunities in the southeastern and central United States.
Lubert-Adler Real Estate Fund VII-B has a $425 million fundraising t