Los Angeles County Employees Retirement Association (LACERA) has increased its exposure to US core open-ended real estate with two new commitments totaling $812m (€691.1m).
The pension fund disclosed in a board meeting document that it placed $400m into PGIM Real Estate’s PRISA fund and approved a $412m follow-on commitment to the Clarion Lion Properties Fund.
An SEC filing reveals that PRISA had reached $10.8bn in total commitments through February last year. The fund primarily invests in traditional industrial, multifamily, office and retail assets.
PRISA maintains lower exposure to alternative sectors, such as self-storage, life science office, senior and manufactured housing, and single-family rental development.
PGIM Real Estate declined a request for comment.
As of the end of 2025, an SEC filing showed the Clarion Partners fund had secured $22.1bn in total commitments from 993 investors.
The fund targets assets include, office, retail, industrial, multifamily and life science assets.
Clarion Partners does not comment on funds that remain open to new capital commitments.
LACERA committed $600m to the Clarion Partners fund in February 2023.
The latest commitments reflect LACERA’s strategy to increase its activity in funds while reducing its exposure to separate account investments.
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