Pennsylvania SERS makes $25m follow-on commitment

The $25.7 billion Pennsylvania State Employees’ Retirement System has made a $25 million follow-on commitment to Lubert-Adler Real Estate Fund VII, managed by Lubert-Adler.

Lubert-Adler Real Estate Fund VII launched in 2012 with a hard cap of $850 million. A final close is expected in May 2014. The firm held a first close in June, raising $75 million. The value-added/opportunistic fund will focus on investing in middle-market retail, multifamily, hotel and industrial assets exclusively in the United States through joint ventures with operating partners.

Pennsylvania SERS made previous commitments to the fund series, starting with Lubert-Adler Real Estate Fund II, and also made investments in Lubert-Adler Real Estate Fund III, Lubert-Adler Real Estate Fund IV, Lubert-Adler Real Estate Fund V and  Lubert-Adler Real Estate Fund VI.

The commitm