Los Angeles Water and Power Employees Retirement Plan is investing $75m (€69m) in core US industrial real estate via a commitment to a fund managed by Cabot Properties.
The pension fund disclosed in a meeting document that it has committed the capital to Cabot Industrial Core Fund III.
According to SEC filing, Cabot had raised $461m as of the end of last month.
As previously reported, the manager is planning a $1bn capital raise for its third US core industrial real estate.
Cabot did not respond to a request for comment.
LA Water and Power’s allocation to the Cabot fund comprises a contribution of $60m from the Retirement Fund and $15m from the Retiree Health Benefits Fund.
This investment was initially proposed by the pension fund late last year and is now included in the $300m total commitments made in 2023.
LA Water and Power is yet to approve commitments for 2024.
The total amount planned for real estate for this year is $400m, with a plan to invest $150m to $300m in core investments and potentially another $150m divided between value-added and opportunistic strategies.
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