The first of these funds was formed with $120 million and the second was established a year later with $300 million. Opportunity Fund II invested in 35 properties in nine states that had been owned by a bankrupt furniture chain as well as in 53 Montgomery Ward outlets. Since Lubert-Adler was formed in 1997, it has raised more than $1.25 billion in capital for opportunistic real estate investments.
Investors in Lubert-Adler Real Estate Fund III include six state and municipal funds, nine academic endowments and five corporate pension funds as well as several high net worth individuals.Ira Lubert, co-founder of the company as well as several other private equity firms, notes that, "We believe that this level of institutional commitment represents a strong endorsement of the value-added redevelopment strategy that we employ."
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