Los Angeles Fire and Police Pensions has made $210m (€180.6m) worth of real estate and infrastructure commitments, the pension fund disclosed in a board meeting document.
The $29bn pension fund committed $75m to the Realty Income US Core Plus Fund, an open-ended fund that targets US net-lease industrial and retail properties.
The fund’s manager Realty Income targets net returns of 9% to 11%.LA Fire and Police also committed $75m to the Carlyle Property Investors Fund.
According to Carlyle’s second-quarter 2025 earnings report, the fund has a current fair value of $7.6bn. Carlyle Property Investors has a net internal rate of return of 9%, according to the manager.
The fund invests in alternative property types like senior and manufactured housing, single-family rental and self-storage.
The pension fund also approved a $60m commitment to Meridiam Infrastructure North America Fund IV, a Meridiam Infrastructure Partners-managed North America fund seeking to raise $1.7bn.
Fund IV employs a build-to-core strategy with a gross return target of between 12% and 15%.
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