Minnesota commits $75m to real estate fund
The $85.3 billion Minnesota State Board of Investment has committed $75 million to Lubert-Adler Real Estate Fund VII-B, subject to successful contract negotiations, according to a board statement.
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. Lubert-Adler Real Estate Fund VII-B has a $425 million fundraising target.
Fund VII is an opportunistic fund that targets 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; however, the fund also will pursue opportunities in the southeastern and central United States.
The fund previously received a $40 million commitment f