Missouri LAGERS makes first-time investment with Redcar

The $9.7 billion Missouri Local Government Employees Retirement System (LAGERS) has committed $40 million in a first-time commitment to Redcar Fund II, and is planning to do more in co-investments.

Redcar Fund II is a closed-end opportunistic fund managed by Redcar. Redcar invests in urban commercial real estate within key high-growth submarkets throughout Los Angeles. The firm uses funds, joint ventures and co-investments.

The first real estate fund in the series targets underperforming properties in select submarkets throughout Los Angeles and complete specialized redevelopments.

“We went out looking for a niche real estate manager, and Redcar knocked our socks off,” Brian Collett, a spokesperson for LAGERS, said in an email.

LAGERS has a 12.6 percent allocation to real estate, against a 14 percent target allocation.