Los Angeles Fire and Police Pensions (LAFPP) has made $100m (€93.3m) worth of commitments to real estate funds managed by Kayne Anderson and Cerberus Capital Management.

The $31bn pension fund placed $40m into Kayne Anderson Core Real Estate Fund, an open-ended US fund that targets specialised properties like medical offices, senior and student housing and self-storage assets.

The fund targets annualised gross internal rate of return of 9% to 10% and current income of 6% to 7%.

LAFPP placed $60m into Cerberus Institutional Real Estate Partners VI, a global opportunistic fund with a $3bn target capital raise and a hard cap of $3.5bn.

Partners VI is a distressed real estate fund that hopes to take advantage of the anticipated credit dislocation that exists within the real estate markets.

The fund will be investing in a mixture of property types. These will include the high-conviction property types of industrial and multifamily as well as other types like cold storage and outdoor industrial storage.

To read the latest IPE Real Assets magazine click here