The Los Angeles County Employees Retirement Association (LACERA) has a further $750m-1bn (€662m-883m) to invest in international real estate.

The US pension fund’s international real estate portfolio was valued at $286m, or 5% of its total real estate portfolio.

Staff noted in a board meeting document that international real estate should make up 15-20% of the portfolio to achieve diversification benefits.

The board, however, has yet to approve the commitment.

A decision could be presented as part of the fund’s Real Estate Investment Plan to the board in June, when LACERA’s board of investment meets.

LACERA has previously used a variety of structures for its international real estate investment, including a global ex US REIT separate account with EII Capital Management.

The REIT manager was fired due to staff turnover in August last year.

LACERA may use such a structure again in future.

To date, the pension fund’s international real estate investments have been made using open and closed-end funds, investing in a mixture of core, value-add and high-return strategies.