LaSalle holds $604m first close for U.S. value-add fund

LaSalle Investment Management has held a $604 million first close for LaSalle Income & Growth Fund VIII, confirmed by Dan Gallagher, chief investment officer for the Ventura County (Calif.) Employees Retirement Association (VCERA). The retirement system recently committed $100 million to the fund. LaSalle did not comment on its fundraising efforts.

LaSalle Income & Growth Fund VIII is a U.S. value-added, noncore real estate fund seeking to raise a maximum of $1.5 billion.

Through the fund LaSalle will allocate across the four main property types, including apartments, office, retail, and industrial across primary and secondary markets in the United States, but is particularly focused on assets that are more linked to demographic trends as a return driver, rather than GDP growth, according to board meeting documents from Ventura County.

Within multifamily, La