Los Angeles Water and Power Employees’ Retirement Plan expects to invest around $775m (€670m) into core and non-core real estate this year, according to the pension fund’s meeting document.
The pension fund’s 2022 pacing plan includes making three to five core commitments worth up to $500m. The plan is to target core strategies like high-quality mortgage origination funds, non-regulatory/workforce multifamily and industrial strategies with strong credit.
Los Angeles Water revealed in the document that it had approved a $75m commitment to Prologis Targeted US Logistics Fund, a core US real estate fund.
For non-core, Los Angeles Water will consider one or two value-add commitments worth up to $150m in total and will also consider investing as much as $125m to target opportunistic investments.
The plan for non-core will involve investing in funds that benefit from market dislocations globally in property types like hotels and student housing.
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