Los Angeles County Employees Retirement Association has added to its real assets infrastructure exposure with a $200m (€178.2m) commitment into Energy Capital Partners VI (ECP VI), according to the US pension fund’s board meeting notes.
The commitment from the pension fund came in at the very end of the capital raise for the commingled fund.
Energy Capital Partners raised a total os $8.1bn at the final close of ECP VI in August of this year. The initial target for the fund was $5bn, according to the manager.
Cheryl Lu, senior investment officer for LACERA within its real assets investment division, said: “ECP VI is aligned with LACERA’s long-term objective of building a diversified real assets portfolio that can generate attractive risk-adjusted returns while providing exposure to essential infrastructure supporting the evolving energy landscape.
“The manager has an established track record investing across power generation, energy transition and sustainable-related infrastructure, and we believe the strategy complements our existing portfolio exposures in our real assets portfolio.”
ECP VI will be primarily investing capital in assets across North America and Europe with a focus on electricity and sustainable infrastructure.
LACERA has added one new co-investment within its real estate portfolio. This is $75m for co-investments alongside the Whitman Peterson Fund V.
The pension fund had initially issued a $100m commitment for Whitman Peterson Fund V last year. The commingled fund had its final closing last month with $780m directly into the fund and $290m of co-investment capital.
The fund seeks value-add transactions in sectors including US short-stay apartments, industrial, self-storage, multifamily, and active-adult communities.
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