Los Angeles Water & Power Employees' Retirement Plan disclosed two new commitments totaling up to $120 million on behalf of its $15.8 billion defined benefit plan.
The retirement plan committed up to $60 million each to DRA Growth and Income Master Fund XI, a value-added real estate fund managed by DRA Advisors; and Invesco U.S. Income Fund, an open-end core-plus real estate fund, said Jeremy Wolfson, chief investment officer, in an email.
The retirement plan previously committed $60 million to DRA Growth and Income Master Fund X in 2019 and $30 million to Invesco Core Real Estate-USA in 2011.
As of Nov. 30, the pension plan's actual allocation to real estate was 9%; the target is 8%.
