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USAA fund raises $48m

by Zoë Wolff

USAA Real Estate Co. has launched Admiral Capital Real Estate Fund II, according to an SEC filing.

The value-added fund is seeking $175 million in equity commitments and has raised $47.9 million so far.

Admiral Capital Real Estate Fund I, the fund’s predecessor, held a final close with equity commitments of $112.5 million in 2012. The fund targeted office, retail, multifamily, hotel and mixed-use properties in major U.S. markets.

USAA Real Estate Co. declined to comment on the fund.

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