EQT Exeter Industrial Value Fund VI adds Los Angeles City Employees as an investor

The $21.74 billion Los Angeles City Employees’ Retirement System (LACERS) has approved up to $75 million for EQT Exeter Industrial Value Fund VI (EIVF VI), managed by EQT Exeter.

The closed-end, commingled fund is seeking to raise $4 billion, according to a meeting document from New Mexico State Investment Council, which also slated $100 million for the vehicle in July.

Other recent investors include the Los Angeles Fire & Police Pensions, the San Antonio Fire & Police Pension System, the Kansas Public Employees Retirement System and the Ohio Police & Fire Pension Fund.

As with previous funds in the series, Fund VI will acquire, develop and aggregate a portfolio of modern class A regional distribution and last-mile logistic properties in the United States. Acquisitions will primarily have concentrated or single-tenant exposure and are either partially or fully vacant requiring lease-up, or short-term leased with below-market rents requiring renewal