Los Angeles Fire and Police Pensions (LAFPP) has approved a $40m (€36.8m) commitment to a data centre fund managed by Principal Real Estate Investors.

LAFPP disclosed in a meeting document that it has placed the capital into the Principal Data Center Growth & Income Fund.

The Growth & Income Fund is currently raising capital, but the target amount is still being determined. The fund will invest in existing data centre assets and build a diversified portfolio across the US.

The pension fund did not respond to a request for further comment. The fund’s manager Principal Real Estate Investors declined a request for comment.

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