Los Angeles Fire and Police Pensions (LAFPP) intends to place $290m (€271.4m) into real estate during the fiscal 2024 year which started on 1 July, according to the pension fund’s meeting document.
In fiscal 2023, LAFPP made one real estate commitment by placing $60m into Oaktree Real Estate Opportunities Fund IX fund.
LAFPP’s consultant The Townsend Group disclosed in the meeting document that fiscal 2023 was relatively low on commitments as a result of the decreased real estate transaction market and also because the pension fund was over-allocated to real estate.
In fiscal 2024, LAFPP expects to commit around $225m into core real estate by placing between $50m to $75m each into up to four vehicles to target industrial, multifamily, life sciences, cold storage, data centres or single-family rental assets.
For core real estate, the pension fund intends to make $65m worth of commitments to help rebalance the portfolio and adjust for return and risk purposes.
LAFPP has $44m of outstanding capital in two core funds that has not yet been returned.
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