NorthBridge Partners has so far raised $600m (€558.8m) for its fourth US logistics real estate fund, according to sources that track capital raisings.
The fund manager is seeking to raise $800m for NB Partners Fund IV, a fund the Los Angeles City Employees’ Retirement System (LACERS) has backed with $40m, according to the pension fund’s meeting document.
NorthBridge has raised $500m for its third US logistics real estate fund which closed in April 2021.
LACERS said the commitment to NB Partners Fund IV represents a first-time relationship between the pension fund and NorthBridge.
The commitment to the NorthBridge industrial fund will keep LACERS overallocated to industrial real estate.
As of the second quarter of 2022, the pension fund had 37% of its $1.1bn real estate portfolio in industrial assets. This compares to 31% for the NFI-ODCE Index.
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