Los Angeles County Employees Retirement Association (LACERA) is investing $250m (€215m) in non-core real estate, according to a board meeting report.
It is committing $150m to CBRE Asia Value Partners VII, an Asia-Pacific fund focused on office and industrial assets, which has also attracted investment from the Employees Retirement System of Texas.
CBRE Investment Management did not respond to a request for comment.
LACERA is also investing $100m in the Whitman Peterson Fund V, which aims to invest in US short-stay aparments, industrial, self-storage and multifamily assets, and active-adult housing.
Whitman Peterson did not respond to a request for comment, but according to an SEC filing the firm is targeting a capital raise of $950m. It predecessor, Fund IV, raised $692m in 2021.
The two commitments form part of LACERA’s plan to invest $600m in non-core real estate during 2025.
