Kentucky commits $45m to real estate fund
The $13.5 billion Kentucky Retirement Systems has committed up to $45 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 an opportunistic fund targeting middle-market properties in the United States, with a focus on multifamily assets, although hotel, office and retail properties will be targeted as well. The majority of investments will be in the northeastern United States, though the fund will also pursue opportunities in the southeastern and central United States.
Lubert-Adler Real Estate Fund VII-B has a $425 million fundraising target, according to