Los Angeles Water and Power Employees Retirement Plan has backed Bain Capital’s third real estate fund.
The pension fund revealed in meeting documents that it has committed $60m (€57m) to the Bain Capital Real Estate Fund III through its Retirement Fund and an additional $15m from its Retiree Health Benefits Fund.
Bain Capital declined a request for comment.
As previously reported, Bain Capital is planning to raise $3.75bn for the fund, with a $5bn hard cap.
The non-core fund targets a gross internal rate of return of 18% by investing mainly in infill industrial, medical and life science real estate in North America.
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