Los Angeles Water and Power Employees Retirement Board has approved $100m (€85.6m) worth of commitments into Mesa West Capital’s latest value-add US real estate debt fund.
The retirement board said in a meeting document that it has invested $80m on behalf of the Retirement Fund and $20m on behalf of the Retiree Health Benefits Fund into the Mesa West Real Estate Income Fund V fund.
According to sources, Mesa West Capital has so far raised around $620m for the fund which targets a $1bn capital raise.
The fund will be focussed primarily on the traditional property types of office, multifamily, industrial, retail and hotels.
Mesa West Capital, the fund’s manager, declined a request for comment.
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