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LAFPP invests $90 million in two real estate funds
The $14.2 billion Los Angeles Fire and Police Pensions (LAFPP) has invested $90 million in two funds.
LAFPP committed $60 million to James Premier Property Fund, a core/core-plus open-end fund managed by Jamestown Properties. James Premier Property Fund was launched in 2011. The fund’s target markets are New York City, San Francisco and Washington, D.C. Investments will be made in strong office, retail and mixed-use properties.
In addition, LAFPP committed $30 million to the Starwood Distressed Opportunity Fund IX, an opportunistic fund managed by Starwood Capital Group. Starwood Distressed Opportunity Fund IX launched in August 2011 and is expected to close with almost $3 billion in equity at the end of the fourth quarter. The fund focuses predominantly on