Los Angeles County Employees Retirement Association (LACERA) is buying into TIAA-CREF’s global farmland funds with a $456m (€394m) investment.
The pension fund disclosed in a meeting document that it has made a $191m investment in TIAA-CREF Global Agriculture and placed $265m in TIAA-CREF Global Agriculture II through secondary purchases.
Details of the investor selling its limited partnership interest in the TIAA-CREF funds were undisclosed.
The funds’ investors at the time included Sweden’s AP2, Cummings UK Pension Plan Trustee, the Greater Manchester Pension Fund, the British Columbia Investment Management Corporation and Caisse De Dépôt Et Placement Du Québec.
LACERA also disclosed in the meeting document that it intends to commit up to $110m to TPG Real Estate Partners IV, an opportunistic fund seeking to raise $5.5bn.
The fund is expected to target a mixture of office, industrial, residential, senior housing, life science, hospitality, student housing, retail and self-storage assets across North America and Europe.
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