Los Angeles Fire & Police Pensions (LAFPP) plans to make up to $370m (€314.4m) worth of real estate commitments in the fiscal 2022 year, according to a meeting document.
The $30.4bn pension fund’s real estate pacing plan for the fiscal year beginning 1 July exceeds the $245m of new commitments approved during fiscal 2021.
LAFPP plans to set aside $120m to invest in core and core-plus funds. The pension fund also intends to recycle some capital by reinvesting dividends from open-ended funds it already invests in into core real estate investments.
LAFPP will consider investing as much as $250m in new non-core funds by making commitments ranging from $50m to $100m. For non-core, LAFPP plans to target some niche investment opportunities like life sciences, cold storage, data centres and single-family residential assets, according to LAFPP’s meeting document.
Additional investments in multi-family and industrial will be made to maintain an overweight position in both property types.
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