Los Angeles Water & Power Employees' Retirement Plan disclosed a new commitment of up to $60 million to EQT Exeter Industrial Value Fund VI on behalf of its $15.5 billion defined benefit plan.
The retirement plan disclosed the commitment to the value-added real estate fund in materials for its Thursday board meeting.
It is the plan's first commitment to a fund managed by EQT. The retirement plan also committed up to $15 million to the EQT fund on behalf of its $2.8 billion health fund.
Separately, the retirement plan also made a follow-on commitment of up to $60 million and $15 million on behalf of the pension plan and health fund, respectively, to Brookfield Premier Real Estate Partners, an open-end real estate fund managed by Brookfield Asset Management. The retirement plan originally committed $60 million and $15 million, respectively, on behalf of the pension plan and health fund to the Brookfield fund in 2018.
As of June 30, the DB plan's actual allocation to real estate was 8.9%; the target is 8%.
Jeremy Wolfson, chief investment officer, was not available to provide further information.
