Lubert-Adler Recovery & Enhancement Capital Fund nearly halfway to fundraising target
Lubert-Adler Real Estate Management has secured $244.94 million for its value-added fund focused on distressed opportunities, against an equity fundraising target of $600 million, Philadelphia Business Journal reports.
Launched in September 2020, the Lubert-Adler Recovery & Enhancement Capital Fund 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.
Among the fund’s investors are the Minnesota State Board of Investment, which committed $100 million in March; the School Employees' Retirement System of Ohio, which committed $100 million in