Los Angeles Water and Power Employees Retirement Board has approved a $75m (€73.7m) commitment to Cerberus Capital Management’s latest opportunist global real estate fund.

Los Angeles Water said it has invested $60m on behalf of the Retirement Fund into the Cerberus Institutional Real Estate Partners VI fund and placed $15m on behalf of the Retiree Health Benefits Fund into the same fund.

Fundraising details for the Partners VI fund is currently unknown.

In March last year, Cerberus announced it had raised $2.8bn in total for the previous fund in the series. At the time, the manager said the distress credit-oriented fund plans to invest in a mixture of commercial and residential real estate.

The latest fund will mainly target investment opportunities in the US and Europe.

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