LACERS invests $50m in TPG Real Estate Partners IV

The Los Angeles City Employees Retirement System (LACERS) has closed a $50 million commitment to TPG Real Estate Partners IV, an opportunistic fund managed by TPG Real Estate Partners (TREP).

Fund IV will implement a buy-and-build strategy, acquiring assets in inefficient and fragmented markets in the United States and Europe while improving operations at the company level. A fundraising target for Fund IV was unknown at the time of publication; however, the fund’s predecessor, TPG Real Estate Partners III, closed in March 2019 with more than $3.7 billion of capital commitments.

In other news, LACERS has unveiled investment goals for its real estate portfolio, which has a 60 percent target allocation to core and 40 percent to noncore. The pension fund plans to commit up to $