Los Angeles Water & Power Employees' Retirement Plan committed a total of up to $150 million to two real estate funds, according to a report of closed session board actions.
The board of the $19.1 billion pension plan committed a combined up to $75 million to Angelo Gordon & Co.'s AG Europe Realty Fund IV, a real estate fund that will invest in properties in need of development, capital restructuring or repositioning in major markets in the U.K., Western Europe and the Nordic countries. The pension fund has invested with the manager in the past, including a $60 million commitment to AG Europe Realty Fund III in 2020.
The pension fund also committed a total of up to $75 million to Longpoint Realty Fund III, a real estate fund managed by Longpoint Realty Partners that will invest primarily in urban logistics properties in densely populated U.S. markets. Plan officials have invested with Longpoint in the past, including $60 million to Longpoint Realty Fund II in 2021.