Los Angeles Fire and Police Pensions has approved a $60m (€53.2m) commitment to Townsend Group’s latest diversified real estate fund.

The pension fund disclosed in a board meeting document that it had committed the capital to Townsend Real Estate Capital Solutions IV.

The fundraising target for Capital Solutions IV is currently unknown.

The San Antonio Fire and Police Pension Fund (SAFPPF) also recently committed $25m to the fund. It has also invested in Capital Solutions III, which generated an inception-to-date internal rate of return of 12%.

SAFPPF disclosed in a meeting document that an advantage of investing in the Townsend fund is a reduction in the fees paid to Townsend for its real estate investment consulting services.

Capital Solutions IV will invest through structures such as secondaries, recapitalisations and other general partner capital solutions.

The Townsend Group did not respond to a request for comment.

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