The Los Angeles City Employees’ Retirement System (LACERS) is looking to invest up to $200m (€200.8m) in real estate, according to a pension fund board meeting document.
The pension fund, which works with real estate consultant The Townsend Group, will allocate up to $140m to core and core-plus commitments.
In a board meeting document, Townsend wrote that one part of this strategy would be to make $15m commitments to the four core funds approved by LACERS last year.
Equal commitments of $35m to Jamestown Premiere Property Fund, Lion Industrial Trust managed by Clarion Partners, Principal US Property Account and The Prime Property Fund run by Morgan Stanley Real Estate have also been confirmed.
Los Angeles City is also considering new relationships in core/core-plus strategies.
The remaining capital available to deploy in 2015-16 will be reserved for new open-ended funds coming to market, with a further $80m invested in non-core funds.
The capital could be placed into four commitments.
Townsend stated in a board meeting document that the commitments were “possible”, given that around $285m was expected to be returned to LACERS from legacy non-core investments in 2015-16.
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