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Pension Fund of Los Angeles Water and Power Plans to Invest Up to $500M in Real Estate in 2023

Pension fund in 2022 committed $850 million to new real estate investments

Los Angeles Water and Power Employees is reportedly planning to invest up to $500 million in real estate in 2023, according to a meeting document from the pension fund. 

As reported by Real Assets, Los Angeles Water and Power is said to be considering issuing up to seven commitments to core real estate strategies from now until the end of the year, with individual amounts ranging from $75 million to $300 million.

The pension fund has reportedly set a target of investing up to $150 million and $125 million for value-add and opportunistic strategies, respectively, but may not end up investing in either for the remainder of 2023. In 2022, Los Angeles Water and Power committed $850 million to new real estate investments by approving four separate commitments for both core-plus and opportunistic, and three for value-add.

Real estate investment consultant StepStone reportedly said that the investment plan for core assets includes selectively increasing exposure to both residential and self-storage assets, as well as allocating to core-plus strategies that would offer niche property-type exposure. For value-add, the plan could involve increasing non-core industrial exposure and focusing on managers that acquire assets below market value and discounts to replacement cost. Regarding opportunistic investments, the pension fund is expected to mainly consider strategies that target broken capital structures and distressed real estate. It will also consider strategies that focus on high-growth and demographically favorable markets, including specific Asian markets and the West and South regions in the US, according to StepStone.

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