Los Angeles Water & Power Employees' Retirement Plan committed $60 million to Almanac Realty Securities IX for its $15.8 billion defined benefit fund.
The retirement plan's board approved the commitment to the closed-end, value-added real estate fund managed by Almanac Realty Investors in closed session on March 24, according to a May 19 memo from Linda P. Le, retirement plan manager, posted on its website.
The board also approved a commitment of up to $15 million to the Almanac fund for its $2.8 billion retiree health benefits fund.
The board has made commitments to three prior Almanac funds, most recently committing $60 million to Almanac Realty Securities VIII for the DB fund in 2018.
As of March 31, the DB fund's actual allocation to real estate was 6.6%.
