The Los Angeles City Employees Retirement System has committed $50 million to Waterton Residential Property Venture XV (WRPV XV) and $25 million to Kayne Anderson Core Real Estate (KACORE).
Managed by Waterton, WRPV XV is seeking to raise $2 billion and will focus primarily on acquiring mispriced, mismanaged multifamily communities to renovate and reposition in well located, urban or suburban infill U.S. markets.
KACORE is managed by Kayne Anderson, the Los Angeles-based alternative investment management firm, and is a core, open-ended real estate fund that invests in alternative sectors, including medical office, senior housing, student housing and self-storage.
LACERS previously committed $50 million to Waterton Residential Property Venture XIV in 2020 and has made two prior investments in KACORE — a $25 million commitment in 2021 and a $35 million commitment in 2018, according to IREI.Q.
As of June 30, 2023, 6.03 percent ($1.03 billion) of LACERS’s
