The Los Angeles Department of Water and Power Employees’ Retirement Plan (LADWP) is allocating a total of $150 million to two real estate funds managed by DRA Advisors and Invesco, according to meeting minutes.
The pension fund is investing $75 million in DRA Growth and Income Fund XI (DRA XI), a closed-end fund that will invest in a diversified portfolio of value-add real estate in the United States; and $75 million in Invesco u.s. Income Fund (USIF), an open-ended core-plus fund that invests in a diversified portfolio of stable, income-oriented real estate in primary and secondary growth markets in the United States, with a focus on residential, specialty and industrial sectors.
LADWP previously committed to several other funds in the series, including DRA Growth and Income Fund Vll, DRA Growth and Income Fund Vlll, DRA Growth and Income Fund IX and DRA Growth and lncome Fund X. The plan’s previous investments with DRA Advisors represents 5.4 percent of its real
