Los Angeles County Employees Retirement Association (LACERA) is backing an Angelo Gordon value-add property fund and has confirmed selling a separate account hotel asset to Starwood Capital Group for $224m (197m).
A spokesperson told IPE Real Assets that the $56bn pension fund had approved a $100m commitment to AG Asia Realty Fund IV.
Fund IV, which has an undisclosed fundraising target, had its first close in September last year with total commitments of $110m, according to sources that track funds.
The fund will be investing in office, retail and residential markets in Japan, South Korea, Hong Kong and China.
Late last year, Starwood Capital announced that it had bought the 251-room St Regis Princeville Resort located in Hawaii for an undisclosed sum.
LACERA confirmed in a meeting document that it had sold the resort and the Makai Golf Course for $224.1m.
The pension fund acquired the property for $122.5m in 2005 through separate account real estate manager Cornerstone Real Estate Advisers, now known as Barings Real Estate.