LaSalle Investment Management Inc. is likely to secure about 50% of the $1 billion target for its eighth U.S. real estate fund at first closing in December, IPE Real Assets reported, citing unnamed sources.

The LaSalle Income & Growth Fund VIII is said to have recently received a $50 million commitment from the Arkansas Teacher Retirement System, and a meeting document indicated that Contra Costa County Employees' Retirement Association in California will be reviewing the fund soon, the publication noted.

The fund will target value-add properties across the U.S. that can generate 14% to 16% in gross internal rates of return.

The asset manager, which is an independent unit of real estate services company Jones Lang LaSalle Inc., did not comment on the matter, according to the report.