Los Angeles County Employees Retirement Association (LACERA) has approved three real estate and infrastructure commitments worth $700m (€593.2m), according to a meeting document.
The $59bn pension fund has approved $500m to the KKR Diversified Core Infrastructure Fund and a $100m commitment to Smart Infrastructure Capital Partners Fund I, to target smart technology infrastructure.
LACERA has also issued a $100m commitment to Bain Capital Real Estate Fund II, a fund seeking to raise $1.6bn. Fund II, which is expected to mostly target US real estate, could also target regions like Europe, Asia Pacific, Australia and India.
As previously reported, the pension fund was planning to extend its real assets investment strategy to include co-investments and secondary-market investments to broaden its access to opportunities.
LACERA disclosed in the meeting document that it has increased the amount allocated to the co-investments and secondary-market investment strategy from $100m to $250m. This capital will be invested in either infrastructure or natural resources.
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