Related Cos. announced Tuesday it has closed its $1 billion Related Real Estate Fund II.
The closing amount exceeds the fund’s $850 million target, a news release said. The fund’s primary objective is investing in underperforming real estate in U.S. urban centers and gateway cities.
Greenhill & Co. served as the placement agent for the fund.
Investors include the $29.4 billion Indiana Public Retirement System, Indianapolis; the $25.2 billion Texas County & District Retirement System, Austin; the $16.6 billion Louisiana Teachers’ Retirement System, Baton Rouge; and the $9.8 billion long-term endowment pool at University of Michigan, Ann Arbor.
Joanna Rose, Related spokeswoman, did not return a phone call seeking further information by press time.