LACERS commits $70m total to cold storage and data center funds operated by Principal and WCP

1/30/2025

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IREI

• Subcategory: Capital Markets: Fund, Industrial: Data Centers

• Tag: Investment | New Fund

• Additional Filters-Subcategory: Capital Markets: Fund-Opportunistic, Industrial: Cold Storage

• Company: Los Angeles City Employees Retirement System (LACERS), Principal Asset Management, Westport Capital Partners (WCP)

The Los Angeles City Employees Retirement System (LACERS) has committed $70m to two funds: Principal Data Center Growth & Income Fund and WCP NewCold III.

Principal Data Center Growth & Income Fund, a program of Principal Asset Management, received $35 million. This fund is an opportunistic, closed-end fund that will invest in existing data center assets across the United States. It has a fundraising goal of $3 billion. This investment follows previous commitments from Tennessee Consolidated Retirement System and Los Angeles Fire & Police Pensions.

WCP NewCold III, a vehicle of Westport Capital Partners, received $35 million. This fund is an opportunistic, closed-end fund that invests in the development of cold storage warehouses. This commitment follows the Pennsylvania Public School Employee’s Retirement System, Sacramento County (Calif.) Employees Retirement System, and the State Board of Administration of Florida’s previous investments in this fund. WCP NewCold II, its predecessor, closed at $1.2 billion, just $53 million under its fundraising goal.