Los Angeles Department of Water & Power puts capital in LaSalle, TPG Real Estate Partners funds
The Los Angeles Department of Water & Power Employees’ Retirement Plan has allocated $75 million each for LaSalle Asia Opportunity Fund VI (LAO VI) and TPG Real Estate Partners IV (TREP IV) funds, according to board meeting materials.
The retirement board unanimously approved an investment of up to $60 million in each fund, with the Retiree Health Benefits Fund committing another $15 million to each.
LAO VI is a closed-end fund seeking to invest in a diversified portfolio of assets in need of repositioning, development or redevelopment, predominately in Japan, China, Singapore, Hong Kong, South Korea and Australia. The retirement fund previously committed $50 million to the fund series in 2016, with $10 million coming from the Retiree Health Benefits Fund.
TREP IV is a closed-end opportunistic fund focused on investments in property-rich platforms and strategic real estate portfolio aggregations in the United States and Europe. This represents the pension