The Los Angeles County Employees Retirement Association is committing $100 million to private equity firm TPG Real Estate's third opportunity fund, which aims to raise $3 billion, IPE Real Assets reported.

TPG Real Estate Fund III will target real estate-related operating companies or entities, with up to approximately 33% of its investments to be made in Europe.

The Los Angeles pension fund's commitment to TPG Real Estate Fund III comes as it looks to broaden its global exposure. Citing a board meeting report, the report said the pension fund is considering vehicles that aim to invest in Asia.

During the first quarter, the pension fund's international real estate investments were valued at $557 million, representing less than 10% of its real estate portfolio. It is looking to increase this to 15% and has plans to invest $600 million by the end of 2019.