San Diego invests $20m in Asian real estate fund
The $10.6 billion San Diego City Employees’ Retirement System has committed $20 million to LaSalle Asia Opportunity Fund V, according to recent meeting documents.
The opportunistic fund, sponsored by LaSalle Investment Management, will acquire assets in need of repositioning, development or redevelopment, and active management to create core properties. The fund will primarily focus on Australia, China and Japan.
SDCERS previously invested $50 million in LaSalle Asia Opportunity Fund IV, the fund’s predecessor, which raised $485 million of equity and held a final close in 2014.