JP Morgan Asset Management has secured a $200m (€172.9m) commitment from the Los Angeles County Employees Retirement Association (LACERA), bringing its latest US net-lease real estate fund halfway to its $900m target.
LACERA disclosed in a board meeting document that it has committed the capital to JP Morgan Net Lease Real Estate Fund II. LACERA’s commitment follows a $150m commitment from the Tennessee Consolidated Retirement System in March.
Prior to these pension commitments, an SEC filing showed JP Morgan had raised an initial $100m by mid-January.
JP Morgan declined a request for comment.
LACERA also disclosed that it is currently reviewing responses from six firms as part of its ongoing real estate consultant search.
The respondents include the pension fund’s current consultant StepStone, alongside Albourne America, Mercer Investment Consulting, NEPC Investment Consulting, RCLCO Fund Advisors and Meketa Investment Group.
A final appointment is expected in the fourth quarter of this year.
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