Los Angeles County Employees Retirement Association (LACERA) has approved a $600m (€559.2m) commitment to CBRE Investment Management’s open-ended core US real estate fund.

LACERA disclosed in a meeting document that it committed the capital to the CBRE US Core Partners fund.

US Securities and Exchange Commission (SEC) filing showed that the assets in the core US real estate fund were valued at $6.35bn as of mid-February this year.

According to sources, the fund’s target assets include logistics, residential and growth sectors assets life science, self-storage as well as specialised residential assets like student housing.

CBRE IM declined a request for comment.

With the latest commitment, LACERA has now issued all the $1.2bn it planned to invest in 2023 into core open-ended real estate.

Last month, the pension fund approved a $600m commitment to Clarion Lion Properties Fund, an open-ended fund that had a net asset value of $20.2bn as of the end of 2022.

The fund has a strategic overweight to industrial assets, a growing exposure to life science properties, and no exposure to regional or super-regional malls.

LACERA did not respond to a request for further comment.

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