Los Angeles Water & Power Employees' Retirement Plan committed up to $60 million to Cerberus Institutional Real Estate Partners V.
The $16.5 billion retirement plan disclosed the commitment to the global opportunistic real estate fund managed by Cerberus Capital Management in an Oct. 21 memo from Jeremy Wolfson, chief investment officer.
As of June 30, the pension fund's actual allocation to real estate was 7.5%; the target is 7%.
The retirement plan also committed up to $15 million to Cerberus Institutional Real Estate Partners V on behalf of its retiree health benefits fund.
Mr. Wolfson could not be immediately reached for further information.
