Los Angeles Water and Power Employees’ Retirement Plan has approved two new real estate commitments worth $150m (€145.2m).
The pension fund disclosed in meeting document that it has made a $75m commitment each to the core open-ended Brookfield Premier Real Estate Partners fund and the EQT Exeter Industrial Value Fund VI fund.
Los Angeles Water said the commitment to the Brookfield fund comprises a $60m contribution from the pension fund’s Retirement Fund and $15m from the Retiree Health Benefits Fund.
The pension fund first backed the Brookfield fund in 2018. As of the first half of this year Los Angeles Water had $132.4m invested in the fund.
According to Los Angeles Water, the Brookfield fund – which targets a 9% to 11% internal rate of return (IRR) – produced a since inception net IRR of 13.3%.
EQT Exeter Industrial Value Fund VI is a closed-ended fund that looks to acquire US industrial assets with a value-add component.
To read the latest edition of the latest IPE Real Assets magazine click here.