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Related Cos. targets $1.5B for real estate fund

The Related Cos. LP unit Related Fund Management LLC will raise $1.5 billion for a new real estate fund, IPE Real Assets reported, citing Teachers' Retirement System of Louisiana, which committed $50 million to the fund.

Related plans to deploy 40% of Related Real Estate Fund III in residential properties, 35% in office, 15% in hotels, with the balance to be used in opportunistic investments, the Oct. 8 report added.

The fund will primarily target U.S. assets, with a significant focus on the East Coast. Non-U.S. investments will be limited to 15%, and the loan-to-value ratio at the portfolio level is estimated to be 65%.