Los Angeles Water and Power Employees’ Retirement Plan has approved a $75m (€61.4m) commitment into the Almanac Realty Securities IX fund, according to the pension fund’s meeting document.

The Almanac Realty Investors fund will be making private placements of debt, preferred equity and equity capital to companies that are active in the ownership, management and enhancement of real estate and real estate-related assets in mostly North America. The fund does allow for up to 15% of its portfolio to be invested in non-US portfolio companies.

It is currently unknown how much capital the manager targets to raise for the fund.

The manager’s predecessor fund raised $1.9bn of committed capital directly and $360m of co-investment capital in October 2018.

The fund’s manager Almanac Realty Investors did not respond to a request for comment.

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