Los Angeles Department of Water & Power invests in Mesa West Real Estate Income Fund V

Los Angeles Department of Water & Power Employees Retirement Plan has disclosed an $80 million commitment to Mesa West Real Estate Income Fund V, a closed-end real estate debt vehicle managed by Mesa West Capital.

Los Angeles Department of Water & Power is also committing $20 million to the fund via its Retiree Health Benefits Fund (RHBF), according to a meeting document.

Mesa West Real Estate Income Fund V will originate, purchase and manage floating rate loans secured by value-add, transitional and distressed commercial real estate assets. The vehicle opened to investors in July 2020.

With a $1 billion fundraising target, Fund V will focus primarily on traditional property types, including office, multifamily, industrial, retail and hospitali