Los Angeles City Employees’ Retirement System places $40m in NB Partners Fund IV

The $21.6 billion Los Angeles City Employees’ Retirement System (LACERS) has committed $40 million to NB Partners Fund IV, a value-add real estate fund managed by NorthBridge Partners.

NorthBridge launched its logistics strategy in 2014 to acquire, modernize and develop small and midsized last-mile logistics assets on the East Coast. The focus is on locations that are key to supply chain routes, as companies compete for the shortest delivery times to consumers.

In April 2021, NorthBridge Partners and Park Madison Partners closed the fund’s predecessor, NB Partners Fund III, at its $500 million hard cap. The equity fundraising target for Fund IV is said to be $800 million, and as of June 2022 the fund had secured $417 million of capital commitments toward that.

NorthBridge is a new relationship for LACERS, a spokesperson for the pension fund confirmed in an email. A