Miami Tower, sold by a previous Income & Growth Fund in 2016 (Credit: Wikimedia Commons)

LaSalle Investment Management is looking for $1 billion for its latest value-add real estate fund.

The firm, an arm of JLL, will call the fund — its eighth — LaSalle Income & Growth Fund VIII, according to Bloomberg. That billion-dollar target is almost twice the size of its previous fund, which raised $510 million and closed last year. That fund has spent around 80 percent of that amount.

Like the previous fund, LaSalle Income & Growth Fund VIII will focus on value-add investment — acquiring real estate assets to reposition, repurpose or otherwise drive up returns through investments. Fundraising for the firm is private and the fund targets 10 to 15 percent returns after fees, sources told Bloomberg.

LaSalle has raised billions for other funds outside the series as well, including $1.07 billion raised last year for a debt fund focused on Western Europe. It also raised $1.15 billion for its fifth fund focused on opportunistic investments in Asia, according to Bloomberg. That was 50 percent more than its $750 million target. [Bloomberg] — Dennis Lynch