The $16.7 billion Orange County Employees’ Retirement System (OCERS) has greenlighted a $100 million commitment to the LBA Logistics Value Fund VII, managed by LBA Realty, a spokesperson for the pension fund confirmed in an email.
Launched in April, the core-plus, value-add fund is seeking $1 billion to invest in industrial and logistics properties across the United States. The previous fund in the series, LBA Logistics Value Fund VI, followed a more diversified investment strategy, focusing on CBD office, warehouse, industrial, logistics and mixed-use assets. The fund closed in January 2018 with its target of $900 million in capital commitments.
The LBA investment is expected to increase OCERS’ exposure to real estate on the west coast and bolster its portfolio of industrial real estate.
As of September, OCERS has a 7 percent allocation to real estate and a 9 percent target allo
