Waterton has closed on commitments totaling $1.53bn (€1.4bn) for its Waterton Residential Property Venture XV fund, according to an SEC filing in December 2023.

Waterton declined to comment.

It means that Waterton has a further $460m to raise to reach its $2bn target for the value-add US apartments fund.

One of the more recent investors to join the fund was the Los Angeles City Employees Retirement System (LACERS), as reported by the pension fund in a board meeting document.

LACERS disclosed that it had committed $50m to the fund, alongside a $25m investment in Kayne Anderson Core Real Estate, an open-ended fund that invests in specialist property types, including medical offices, senior and student housing, and self-storage.

LACERS has also decided to award CenterSquare Investment Management a new three-year contract to continue to be manage its $450m portfolio of domestic real estate investment trusts (REITs).

CenterSquare declined to comment.

CenterSquare has outperformed the benchmark, the FTSE NAREIT All Equity REITs Index, by 130bps since inception in May 2015.

To read the latest IPE Real Assets magazine click here.