The Los Angeles Water and Power Employees’ Retirement Plan has issued two real estate commitments worth $150m (€137.7m) in total.
The pension fund disclosed in a meeting document that it placed $75m each into the Invesco US Income Fund and the DRA Growth and Income Fund XI funds.
The investment into the open-ended Invesco Real Estate comprised a $60m commitment from the Retirement Fund and $15m from the Retiree Health Benefits Fund that Los Angeles Water and Power oversees.
The Invesco fund, which was set up in 2013, seeks to acquire core-plus assets in both primary and secondary markets in the US. The fund currently targets residential, industrial, and specialty property types like medical offices, life science, self-storage, and single-family residential.
Invesco declined a request for comment.
The DRA Growth and Income Fund XI fund, managed by DRA Advisors, is a value-add fund seeking to raise $2.2bn. The fund will invest in a mixture of property types including residential, industrial, office and retail assets.
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