LA Fire and Police puts $275m into non-core real estate funds | News

Los Angeles Fire and Police Pensions (LAFPP) has approved $275m (€260m) worth of investments into four non-core real estate funds.

The pension fund said in a meeting document that it has made a $75m commitment each to the Almanac Realty Securities IX, TPG Real Estate Partners IV and LBA Logistics Value Fund IX funds and has placed $50m into Asana Partners III retail real estate fund.

The Almanac fund, which is expected to raise $2.25bn, provides growth capital to US real estate operating companies that have significant real estate assets.

TPG Real Estate Partners is seeking to raise $5.5bn for its opportunistic fund. The fund is expected to target a mixture of office, industrial, residential, senior housing, life science, hospitality, student housing, retail and self-storage assets across North America and Europe.

Late last year, IPE Real Assets reported that LBA Realty’s latest US industrial fund was expected to be fully subscribed at $2bn.

Back in March, Asana Partners raised $1.5bn for Fund III, its latest value-add real estate fund focused on repositioning mixed-use assets in the US.

To read the latest edition of the latest IPE Real Assets magazine click here.

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