Los Angeles City Employees’ Retirement System (LACERS) is investing $80m (€68.8m) in Nuveen’s global energy infrastructure debt fund, according to a board meeting report.
Nuveen held a first close for Nuveen Energy & Power Infrastructure Credit Fund II earlier this year, raising $1.3bn. The target is $2.5bn.
The fund will provide debt financing for energy transition and security assets and sustainable infrastructure, including senior-secured debt at the operating company and holding-company levels. Some transactions can include junior and subordinated debt.
LACERS has also added to its real estate portfolio with two new commitments totalling $90m, including $65m investment in the Realty Income US Core Plus Fund, managed by Realty Income Corporation.
The open-ended, core-plus fund invests in US net-leased assets – mostly single-tenant industrial and retail properties.
Realty Income has pre-seeded the fund with a portfolio of 183 properties that were contributed from the sponsor’s balance sheet.
LACERS also committed $25m to the Caro Real Estate Credit Fund, for which Caro Investors Management is seeking to raise $400m.
Caro formed a strategic partnership with TPG, including a $50m commitment from TPG NEXT, which provides seed capital for new fund managers, and $5m in working capital.
The fund will provide real estate senior loans and mezzanine/preferred equity, and invest in select distressed opportunities. Its main focus will be on multifamily and industrial properties.
To read the latest IPE Real Assets magazine click here.
