Philadelphia-based Stoltz Real Estate Partners has launched a new core-plus/value-added real estate fund with an equity fundraising target of $500 million.

The new fund, known as Stoltz Real Estate Fund VII, has already raised roughly $40 million from four investors, according to an SEC Form D filed on March 30.

The fund is the seventh in Stoltz’s real estate fund series that focuses on the four major property types in the United States: office, retail, industrial and multifamily.