Los Angeles County Employees Retirement Association (LACERA) has selected GCM Grosvenor and BlackRock to oversee $400m (€342.8m) emerging manager mandates for real estate and real assets, respectively.
The two managers were selected following a request for proposal that began in April 2024 as part of LACERA’s emerging manager programme.
LACERA defines emerging managers as those operating one to three funds of not more than $1bn in size each.
The emerging manager programme, which maintains a 10% target allocation and a 15% upper limit, will seek investment opportunities globally across both real estate and real assets, primarily via private fund vehicles.
The real estate mandate includes investing in a mixture of traditional and specialised property types. The real assets programme includes either infrastructure or natural resources.
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