LACERA makes $150m follow-on commitment to Bain Capital Real Fund series

The Los Angeles County Employees Retirement Association (LACERA) has approved a $150 million commitment to Bain Capital Real Estate Fund III, a value-added, opportunistic fund managed by Bain Capital Real Estate, according to meetings documents for the Aug. 9 meeting.

The fund launched this year with a $3.75 billion target, according to the IREI.Q database. The manager looks beyond the traditional real estate sectors and instead seeks to build a portfolio of “other” assets with less GDP-sensitive economic drivers.

Bain Capital Real Estate Fund III will seek to invest in life science office/lab space, medical office, senior housing, last-mile industrial, self-storage, affordable housing and media/content creation space. The fund will primarily invest throughout North America, with a 25 percent limit on non–North American investments. It will execute thro