LACERA commits $50m to Asia Pacific property fund
The $48.9 billion Los Angeles County Employees Retirement Association has approved a commitment of up to $50 million to Heitman Asia-Pacific Property Investors, according to board meeting documents.
Heitman Asia-Pacific Property Investors is a non-U.S. focused real estate fund that follows a value-added investment strategy. The fund will invest in real estate investment opportunities in the Asia-Pacific region, primarily in Australia, Japan, Hong Kong and Singapore, but will consider deals in China, South Korea and New Zealand as well. Investments may include a mix of traditional property types such as office, industrial, retail, and residential, as well as specialty property types such as self-storage, student housing and medical office. The fund is seeking to raise a hard cap of $350 million.
The fund has received commitments from additional investors, including up to $25 million from the