Los Angeles County Employees Retirement Association (LACERA) has invested a total of $160 million in two infrastructure funds, recent board meeting minutes show.
LACERA committed $100 million to DWS Pan-European Infrastructure Fund III and $60 million to Grain Spectrum Holdings III.
Opened in January 2019, the fund managed by DWS Europe will look to invest in infrastructure assets such as transportation and water in Europe. The vehicle is targeting €3 billion ($3.5 billion), according to IREI’s FundTracker database.
The third fund managed by Grain Management was launched at the beginning of September and will invest in diversified infrastructure assets in North America. An equity fundraising target was not disclosed.
As of June 30, LACERA’s infrastructure asset class outpaced the benchmark by 10 basis points for the quarter and was the only subcomposite that outpe