Los Angeles County Employees Retirement Association (LACERA) is planning to invest at least $2.4bn (€2.1bn) in core open-ended real estate funds over the next few years.
The $59bn pension fund said in a meeting document that it is considering investing between $400m to $800m each in six to eight US-focused ODCE funds. A final decision is yet to be made.
According to LACERA, investing in core funds will help produce income as well as a hedge against inflation while diversifying the pension fund’s portfolio. A final decision is yet to be made.
LACERA did not respond to a request for further comment.
LACERA is planning to invest $800m in 2022 in non-core funds. The plan will be to invest between $125m and $250m on a global basis via a mixture of value-add and opportunistic strategies.
The pension fund also disclosed in the meeting document that it is planning to launch a request for proposal in 2022 for an emerging manager programme advisor.
CityView is LACERA’s sole emerging real estate manager.
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