Los Angeles County Employees Retirement Association (LACERA) said in a meeting document that it has approved a €150m commitment to the DIF Infrastructure VI fund.

According to sources, DIF is seeking a €2.5bn capital raise for the global core infrastructure fund, which had a €1.4bn first close in March.

LACERA said the fund will mainly target developed markets like the US, Europe, Canada, Australia, New Zealand and Latin America.

LACERA, which created a 3% allocation to the infrastructure asset class in the latter part of 2018 and made its debut infrastructure investment just over a year ago, said it sees digital and transportation infrastructure as areas where it could invest.

The $54.5bn pension fund has proposed a 20% to 60% allocation to core infrastructure, 10% to 50% core plus/value-add, 0% to 40% for opportunistic and 0% to 20% emerging markets infrastructure.

In the IPE Real Assets Top 100 Infrastructure Investors 2020, LACERA ranks 64th with $1.59bn assets.

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