Los Angeles Fire & Police Pensions puts $75m in Almanac Realty Securities IX

Los Angeles Fire & Police Pensions (LAFPP) has invested $75 million in Almanac Realty Securities IX, a closed-end, value-add fund that provides growth capital to REOCs, primarily in the United States. The investment closed in late 2021.

Rather than acquiring individual properties, Almanac will invest in individual REOCs that own and manage various real estate properties and often need capital to grow their business. The fund will acquire these entity-level investments through the use of convertible debt with high current income.

Although Almanac provides capital to the company in the form of debt, the fund also will have the opportunity to participate in the value creation of the company through the conversion of the debt to common equity, warrants or rights.

LAFPP previously invested in Almanac Realty Securities VII and Almanac Realty Securities VIII.