Los Angeles County Employees Retirement Association (LACERA) is investing $250m (€232m) in infrastructure through Partners Group.

The pension fund disclosed in a meeting document that it has made a $200m commitment to Partners Group Direct Infrastructure Fund IV and placed $50m into the Partners Group Rose co-investment vehicle.

Fundraising details for Fund IV are currently unknown. Partners Group raised $8.5bn for Fund III, which closed in 2022.

Fund IV is expected to focus its investments primarily on infrastructure assets like energy, water, utilities, telecommunications, transportation, and social infrastructure in North America and Europe. 

Meketa Investment, LACERA’s investment consultant, also revealed in the document that the pension fund had approved adjustments to its asset allocation for private real estate and infrastructure.

The allocation changes include a decrease in core real estate from 6% to 5% and the non-core allocation from 4% to 2%. Similarly, the private infrastructure allocation will be reduced from 5% to 4%.

The full implementation of these allocation adjustments is expected to take several years.

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