OCTOBER 24, 2012

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USAA/Admiral value-added fund nears expected final close

by Andrea Waitrovich

Admiral Capital Real Estate Fund, a value-added fund sponsored by a partnership between the Admiral Capital Group and USAA Real Estate Co., is scheduled to hold a final close on Oct. 31. The fund has raised approximately $113 million, according to Institutional Real Estate FundTracker.The Teacher Retirement System of Texas committed $15 million to the vehicle in February 2012.

The value-added fund was launched after USAA Real Estate Co. and Admiral Capital Group formed their partnership in September 2010. The joint venture pursues commercial real estate opportunities nationally. USAA committed $50 million to the joint venture, alongside other third-party investors, and will provide extensive resources to support Admiral Capital Real Estate Fund's investment strategy, including identifying asset acquisitions, conducting due diligence and

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