Los Angeles Water and Power Employees’ Retirement Plan is planning to invest up to $425m (€351.6m) in real estate funds this year, according to the pension fund’s real estate consultant StepStone.
The real estate consultant said in a meeting document that the commitments in 2021 will include up to $175m in core and $125m each in value-add/opportunistic and real estate debt strategies mostly in the US.
According to StepStone, the plan includes targeting strategies with dry powder which are diversified across property types. It will also be looking at funds with a single property-type focus.
The pension fund’s plan also includes limiting office exposure or targeting niche retail opportunities such as grocery-anchored neighbourhood centres and distressed hotel investments.
The pension fund is also likely to consider one non-US strategy by investing in an Asian market, according to StepStone.
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