Los Angeles City Employees’ Retirement System (LACERS) has committed $85m (€72.3m) to an open-ended Carlyle Group fund that invests in US property types like senior and manufactured housing, single-family rentals and self-storage.
LACERS disclosed in a board meeting document that it has committed the capital to Carlyle Property Investors, a fund established in 2016.
Carlyle disclosed in its 2025 first-quarter earnings report that the fund had a remaining fair value of $7.7bn and yielded a 12% gross internal rate of return.
The fund targets net annual returns in the range of 9% to 11%.
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