Los Angeles Water & Power Employees’ Retirement Plan made follow-on commitments totaling up to $50 million to Harrison Street Core Property Fund.
The retirement plan added up to $40 million to its commitment to the open-end core real estate fund managed by Harrison Street Real Estate Capital for its $18.5 billion defined benefit plan, CEO Linda Le said in a memo to the board included with April 9 meeting materials.
As of Jan. 31, the pension plan’s actual allocation to real estate was 9.3%; the target is 10%.
The retirement plan also added up to $10 million to the Harrison Street fund for its $3.4 billion retiree health benefits fund.
LADWP originally committed up to $50 million and $10 million to Harrison Street Core Property Fund for the pension plan and health plan, respectively, in 2015.
