Los Angeles County Employees Retirement Association (LACERA) has approved a $600m (€558.7m) commitment to the Clarion Lion Properties Fund, according to the pension fund’s meeting document.

As reported last month, LACERA is seeking to invest $1.2bn in core real estate in 2023, as it shifts away from separate accounts in favour of open-ended funds.

The commitment to the Clarion Partners fund is the pension fund’s first disclosed real estate commitment this year.

SEC filing showed that the Clarion Lion Property Fund had a current net asset value of $20.2bn, as of the end of 2022.

The open-ended fund has a strategic overweight to industrial assets, a growing exposure to life science properties and no exposure to regional or super-regional malls.

Both LACERA and Clarion Partners did not respond to requests for comment.

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