Los Angeles Water and Power sticks $75m in ACORE Credit Partners II

The Los Angeles Water and Power Employees’ Retirement Plan unanimously has approved a $75 million commitment to ACORE Credit Partners II, a real estate debt fund managed by ACORE Capital.

According to a source with knowledge of the matter, as much as $60 million of the investment will come from the Retirement Fund and as much as $15 million will come from the Retiree Health Benefits Fund.

ACORE Capital is one of the largest global credit managers focused exclusively on commercial real estate lending. The firm is focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States, and has about $17.9 billion of assets under management.

Fund II is a closed-end real estate fund focused on investing in transitional commercial real estate debt investments in primary and select secondary markets in the United States. The fund open