Courtland Partners advised the Los Angeles Water and Power Employees' Retirement Plan to invest $270.0 million in real estate in 2018, in order to meet its 8% allocation target, IPE Real Assets reported.
The $13.3 billion pension fund has been advised to invest between $60 million and $90 million in both real core and value-added opportunities, along with up to $90 million in opportunistic strategies.
According to the report, the pension fund's real estate portfolio, worth $836 million, represented 6.3% of its total assets at the end of September 2017.
The long-term aim of the pension fund is to have 70% of its real estate portfolio in core investments, with value-added and opportunistic representing 20% and 10%, respectively.
Two $60.0 million commitments to LaSalle Asia Opportunity V and Torchlight Debt Opportunity Fund IV, respectively, were approved in the second half of 2017, the publication added.
