LaSalle Investment Management has raised $370 million for its new LaSalle Property Planet Protection Fund (Lp3F), which will focus on decarbonizing commercial real estate portfolios globally. The fund will target properties requiring capital expenditures to improve energy use intensity and deliver measurable carbon reductions. LaSalle aims to create long-term value through enhanced operating income and asset appreciation, with a target of double-digit value-add returns and energy use intensity reductions of more than 30%. The fund has attracted commitments from investors including the Development Bank of Japan, the California State Teachers’ Retirement System, and a large international pension plan. LaSalle will partner with JLL to leverage its capabilities across energy, sustainability, and property management to support the delivery of Lp3F’s strategy. The fund will adopt a retrofit-led approach, including deep retrofits of vacant buildings and lighter upgrades carried out while tenants remain in place.