Los Angeles County Employees Retirement Association (LACERA) has approved a $150m (€136m) commitment to Bain Capital Real Estate Fund III, according to a board meeting document.
LACERA is allocating capital from its non-core real estate portfolio and the move follows $100m commitments to the two previous funds in the series.
Bain Capital is seeking $3.75bn from investors for the latest fund. According to LACERA, Bain Capital will focus on self-storage, medical office, senior and affordable housing and creative office space.
LACERA also disclosed it had received 26 responses to a request for proposal (RFP) for a $400m real assets emerging-manager separate account.
Real estate investment managers and consultants responded to the RFP, issued earlier this year, including The Townsend Group, Artemis Real Estate Partners, Hamilton Lane Advisors, Stepstone, GCM Grosvenor and Hawkeye Partners.
A final decision is expected to be made in the third quarter of the year.
