Lubert-Adler Partners closed its third real estate opportunity fund, Lubert-Adler Real Estate Fund III, with $850 million in commitments that the firm expects to leverage into $3 billion in investments.
Investors include the $53 billion Pennsylvania Public School Employees’ Retirement System and $30 billion Pennsylvania State Employees’ Retirement System, both in Harrisburg; $32 billion Maryland State Retirement and Pension System, Baltimore; $9 billion Ohio Police & Fire Pension Fund, Columbus; $19 billion endowment of Harvard University, Boston; $6.5 billion endowment of Princeton University, Princeton, N.J.; and $10.4 billion endowment of Yale University, New Haven, Conn.
The fund will invest in properties that it intends to redevelop.
