Missouri Local Government Employees Retirement System (LAGERS) has approved a $40m (€40.4m) commitment to Redcar’s latest US value-add real estate fund.

Missouri LAGERS said it has backed Redcar Fund II, a fund looking to acquire underperforming properties in select submarkets throughout the Los Angeles area. Capital raising details of Redcar Fund II are currently unknown.

Redcar did not respond to a request for comment.

The fund manager raised $412m in February 2020 for Redcar Fund I, its debut fund.

Redcar is known for acquiring underperforming properties in high-growth urban neighbourhoods and adding value through specialised redevelopment and repositioning. 

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