LACERA commits $50m to Europe realty fund
The $48.9 billion Los Angeles County Employees Retirement Association has committed $50 million to a Europe realty fund, according to board meeting minutes.
The fund, AG Europe Realty Fund II, is managed by Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing that currently manages approximately $28 billion.
AG Europe Realty Fund II is a closed-end real estate fund. The value-added fund invests in office, hotel, industrial, multifamily and retail properties across western Europe and the United Kingdom. It launched in first quarter 2017 with a $750 million maximum fundraising target and has currently raised $252.2 million so far.
The fund’s predecessor, AG Europe Realty Fund, had an assumed final close in 2014, raising $268.7 million for the value-added European fund.
LACERA has a target allocation to real estate of 12.5 percent.