Los Angeles Water and Power Employees Retirement Plan has made a $100m (€85.8m) commitment to an open-ended Carlyle Group fund that invests in US property types like senior and manufactured housing, single-family rentals and self-storage.
The pension fund disclosed in a board meeting document that the commitment to Carlyle Property Investors comprised an $80m contribution from its Retirement Fund and $20m from its Retiree Health Benefits Fund.
Carlyle first formed the core-plus Carlyle Property Investors fund in May 2016.
According to Carlyle’s second-quarter 2025 earnings report, the fund has a current fair value of $7.6bn. Carlyle Property Investors has a net internal rate of return of 9%, according to the manager.
Los Angeles Water and Power’s approved commitments in 2025 include a $50m commitment to the Harrison Street Core Property Fund, which targets alternative property types, and a $75m commitment to Locust Point Private Credit Fund III, a senior housing real estate debt fund.
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