Gerding Edlen launches next commingled real estate fund

Portland-based Gerding Edlen has launched it next commingled real estate fund, Gerding Edlen Green Cities IV, according to board meeting documents from the Connecticut Retirement Plans and Trust Funds. The firm did not comment on its fundraising efforts.

The fund series follows a value-add investment strategy and focuses on mixed-use, multifamily and office properties in high-growth, urban markets in the United States. The fund is seeking a $450 million capital raise target, according to The Registry.

Gerding Edlen Green Cities III, the previous fund in the series, held a $416 million final close in 2017, exceeding its $350 million target. The first two funds in the series, Gerding Edlen Green Cities I and Gerding Edlen Green Cities II, raised $183 million and $234 million in total equity commitments, respectively.

Gerding Edlen has invested in and managed more than $1 billion of assets in the past five years.