Rialto Capital has attracted total commitments of $823m (€755.3m) for its Rialto Real Estate Fund V Debt, according to SEC filing last month.
The Los Angeles Water and Power Employees Retirement Plan recently disclosed in a meeting document that it made a $75m commitment to the Rialto Capital debt fund.
The commitment was funded by a $60m investment from the pension fund’s Retirement Fund and $15m from the Retiree Health Benefits Fund.
The investment is the pension fund’s first-ever commitment to Rialto.
The fundraising target for the Rialto Real Estate Fund V Debt fund is currently unknown. The previous fund in the series raised $1.9bn in total at its closing in September 2021.
The opportunistic fund is primarily expected to target US assets, according to LA Water and Power.
The fund will be employing a variety of investment structures like real estate debt-backed securities, senior secured and subordinated real estate loans, preferred equity and other high-yield debt such as standalone, portfolio and platform-based real estate credit investments and asset-backed real estate financings.
Rialto did not respond to a request for comment.
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