Los Angeles County Employees Retirement Association (LACERA) is investing $200m (€177m) in the Partners Group Direct Infrastructure 2020 fund, according to a board meeting document.

Partners Group declined to comment, but the company is seeking to raise $5bn for the core-plus fund, according to sources familiar with the matter.

The fund is expected to invest in Europe and North America, targeting net returns of 8% to 12%.

According to LACERA, it can invest in a variety of sectors, including renewable energy, communications, transportation, social infrastructure and waste management.