Los Angeles County Employees Retirement Association (LACERA) has expanded its core real estate portfolio with commitments to two open-ended funds totalling $325m (€279m).
According to LACERA’s latest board meeting summary, it made a $125m follow-on commitment to the IDR ODCE Index Fund. This follows an initial $250m commitment to the IDR Investment Management fund in 2019, and a subsequent $25m injection in January 2025.
Established in 2019, the IDR ODCE Index Fund’s asset value stood at $8.3bn at the end of the first quarter of 2026. The fund holds positions across 25 core open-ended funds that comprise the ODCE Index, and currently has no entry or redemption queues.
IDR declined to comment when contacted for this story.
LACERA has also made a $200m commitment to the Principal Enhanced Property Fund, a US-focused core-plus strategy with a net asset value of $4.26bn.
Fund manager Principal Real Estate Investors did not respond to a request for comment.
Moving forward, LACERA expects to prioritise capital allocations to funds, a move it believes offers better diversification than acquiring properties through separate account relationships.
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