Los Angeles County Employees Retirement Association (LACERA) plans to issue its first request for proposal for a real estate investment consultant since 2020.
LACERA hired StepStone Real Estate in early 2021 following the previous search, and is now approaching the end of a five-year contract that expires this April and includes the option for two-year extensions.
According to a meeting document, LACERA will conduct the search during the first quarter of this year and is expects a hiring recommendation through its board of investments in the fourth quarter of 2026.
StepStone has the option to participate in the request for proposal.
According to board meeting documents, the pension fund recommends the new consultant manage both stable core/core-plus, and higher-growth value-add/opportunistic real estate investments.
Over the past year, LACERA has been shifting its strategy to focus on open-and closed-end funds away from its previous separate account strategy.
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