Los Angeles Fire & Police Pensions (LAFPP) has earmarked up to $130m (€118m) for next year to invest in industrial and apartment real estate funds.

As part of the $23.2bn pension fund’s 2020 annual investment plan, LAFPP and consultant The Townsend Group will be evaluating its open-ended core portfolio and will consider rebalancing it to improve returns.

In a board meeting document, the pension fund said it plans to make one commitment to a core open-ended industrial fund to complement its current holdings. It already has $114.3m invested in the Lion Industrial Trust.

LAFPP also invests in the Heitman America Real Estate Trust, MetLife Core Property Fund, Jamestown Premier Property Fund and PRISA core open-ended funds.

The pension fund also intends to make two $35m commitments to non-core apartment and industrial funds that either focus on the US West Coast or non-US markets to help increase diversification.