Los Angeles County Employees Retirement Association (LACERA) is planning to invest up to $900m (€835m) in infrastructure funds during 2024.
The pension fund said in a board meeting report that its intends to invest the capital through a mixture of commingled funds and co-investments in the US or on a global basis.
LACERA plans to increase its exposure to energy and telecoms, but it will also invest in transportation and social infrastructure.
Of the total capital commitment, LACERA said $600m would be allocated to core, defensive opportunities, targeting net returns of between 5% and 10%.
The remaining $300m is planned for non-core capital that demonstrates balanced income/capital appreciation and regulatory projection, targeting net returns of around 10%.
LACERA also intends to invest $650m in natural resources next year, split between $150m for agriculture and mining, and $500m for energy.
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