Los Angeles Water and Power Employees’ Retirement Plan has approved a $75m (€68.7m) commitment to Angelo Gordon’s latest European value-add real estate fund.
Los Angeles Water and Power’s investment into the AG Europe Realty Fund IV fund comprises a $60m commitment from the pension fund’s Retirement Fund and $15m from the Retiree Health Benefits Fund.
Angelo Gordon is planning to raise $2.5bn for the fund with a $3bn hard cap. The manager raised over $1.5bn for AG Europe Realty Fund III, the predecessor fund which closed in July 2020.
Fund IV will be opportunistically acquiring a variety of assets types in need of repositioning, capital restructuring or development.
Los Angeles Water and Power said it has also approved a $75m commitment to Longpoint Fund III, according to the pension fund meeting document.
The Longpoint fund is expected to mainly invest in urban logistics properties located in densely populated markets throughout the US, according to the pension fund.
Fundraising details for Longpoint Fund III are currently unknown.
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