Los Angeles Fire and Police Pensions (LAFPP) has narrowed its search for real estate separate account managers to six finalists.
They include two incumbent managers – Sentinel Real Estate and Heitman – alongside AEW Capital Management, CBRE Global Investors, L&B Realty Advisors and Stockbridge Capital Group, according to a board meeting document.
LAFPP’s existing separate account portfolio is hold US real estate valued at approximately $537m (€451m), of which $317m is managed by Sentinel and $220m by Heitman.
The pension fund will interview the short-listed firms at its 19 October board meeting, and a final decision will either be made on that date or at the following meeting on 7 November.
LAFPP will make the decision in conjunction with its real estate investment consultant, The Townsend Group.
The pension fund launched the search in May. In total, 23 managers responded to the request for proposals, and this group was then narrowed down to eight semi-finalists.
The two firms that did not make it to the finals were Baring Real Estate Advisers and Principal Real Estate Investors.
