Los Angeles (Calif.) Department of Water & Power Employees Retirement Plan has committed $60 million to Longpoint Realty Fund II, a value-added fund managed by Longpoint Realty Partners.
According to an investment document from October, $48 million came from Los Angeles’ Retirement Fund, and $12 million came from its Retiree Health Benefits Fund.
Longpoint Realty Fund II will invest in logistics properties throughout the United States, targeting predominantly primary and secondary markets. The vehicle will focus 80–90 percent of the portfolio on small and medium–sized infill industrial warehouses, and 10–20 percent on grocery-anchored retail properties in dense population areas. An equity fundraising target has not been disclosed.
