Los Angeles County Employees Retirement Association, Pasadena, Calif., committed up to $50 million to AG Europe Realty Fund II, a real estate fund managed by Angelo, Gordon & Co., said Jonathan Grabel, chief investment officer for the $56.5 billion pension plan.
This is a new relationship. Angelo Gordon's latest international real estate fund has a $750 million target with a $850 million hard cap, according to a report for the board of investment's March 5 meeting. The fund is expected to purchase of range of subperforming and distressed real estate assets and debt in Western Europe. The risk profile of the fund's investment would range from value-added to lower-risk opportunistic investments.
Separately, as part of the pension fund's current asset allocation study, the board decided to include for modeling purposes investments in credit, and inflation hedging and real assets. The board also agreed to include for modeling a possible shift to a functional framework that would group investment strategies by the role they serve in meeting the long-term goals of the pension fund.