BY JOHN PETTERSON | 05 April 2018
LIFE CAPITAL has closed its flagship raise of $250mn for a close-ended core-plus property fund.
The New York-based fund manager reached its second and final close for Life Capital Real Estate Partners earlier this month, according to sources close to the fund.
Two large Korean Pension Funds confirmed to IPE Real Estate that they have joined the capital raise by committing a combined $50mn.
The fund is targeting net returns of 9%-11% with a focus on gateway markets including New York City, Dallas and Houston.
The fund will invest in existing assets across the office and industrial sectors.
LSM Management, acting as the fund’s exclusive placement agent, secured international institutional investors for the first and second round. Marc Nasir (formerly of Blackstone) head of Life Capital’s investment desk has mentioned plans for a second fund that will target US investors for the European Property Market in 2018.
A commitment recommended by real estate consultant The Townsend Group represents the first time a Korean pension fund has invested in the USA, and with Life Capital.