From left: GPI Companies co-founders Cliff Goldstein and Drew Planting, and GPI Cos. partner Lee Wagman
Investment and development firm GPI Companies has received a $300 million commitment for its real estate fund, and will use the capital for multifamily, office and industrial properties, and retail conversions.
The commitment came from one of the state’s largest state pension funds, according to Los Angeles-based GPI.
The firm now has $500 million from the state retirement system, which previously allocated the fund $200 million. GPI declined to reveal which retirement system made the commitments.
Other state pension funds have also been making big splashes in L.A. real estate.
Last year, the teachers’ pension fund for California launched a $300 million fund into tech oriented properties; it sold a warehouse in April for $27.7 million through the fund. The Los Angeles County Employees Retirement Association announced earlier this year it would spend $250 million on international investment and pull as much $1 billion in local assets.
Meanwhile, GPI is still trying to overcome renewed opposition to its plan to demolish the Amoeba Records store property in Hollywood and replace it with a 200-unit residential tower.
Earlier this year, GPI and LStar Ventures sold a 10-acre property near San Bernardino to AEW Capital Management for $49.2 million. GPI is also one of the firms behind the redevelopment of the former Westside Pavilion mall with Hudson Pacific Properties.
GPI is managing more than $1 billion in assets and more than two million square feet of office, mixed-use and residential space, according to its website. The firm is also developing more than 1 million square feet of commercial and residential real estate.