Los Angeles City Employees’ Retirement System (LACERS) has made a $50m (€44.6m) commitment to LBA Realty’s latest US non-core industrial fund.
LACERS disclosed in a meeting document that it has committed the capital to LBA Logistics Value Fund X.
As previously reported LBA Realty aims to raise $2.5bn for the fund which targets existing industrial assets with value-add potential or new development opportunities. The latest fundraising target is a 25% increase from its previous fund in the series.
Fund X expects to generate a net internal rate of return of 11% to 13% with leverage of around 60%.
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