L.A. Dept. of Water & Power Retirement backs Torchlight Debt Fund VII

The Los Angeles Department of Water & Power Employees Retirement Plan approved $75 million in capital commitments to Torchlight Debt Fund VII at its July 15 board meeting.

According to the investment report, $60 million will come from the Retirement Fund (RF) and $15 million will be invested on behalf of the Retiree Health Benefits Fund (RHBF).

Torchlight Debt Fund VII, a closed-end value-add fund managed by Torchlight Investors, launched in April and focuses on investing primarily in debt and other interests relating to commercial real estate in the United States. The fund is seeking to raise $1.5 billion in capital commitments.

The investment builds on an existing relationship with Torchlight Investors, according to the investment report. In 2013, RF invested $20 million in Torchlight Debt Opportunity Fund IV and RBHF invested $5 milli