Los Angeles County Employees Retirement System (LACERA) is planning to hire separate account managers to oversee its real estate and real asset emerging manager programmes.  

The $70bn (€64.4bn) pension fund said it has issued a request for proposal (RFP) to help it pick suitable managers to manage the investment of $400m into the real estate and real assets portfolios.

The RFP seeks either a single manager for both asset classes or separate managers for real estate and real assets.

The deadline for submitting proposals to the RFP is 3 May 2024 and the pension fund expects to finalise its selection process sometime in the last quarter of the year.

LACERA defines emerging managers as firms with between one and three funds under $1bn in size.

LACERA’s emerging manager programme will target real estate and real asset portfolios, aiming for a 10% allocation with a flexibility range of 0% to 15%.

The programme will mainly focus on private assets within the real estate and real assets categories. Real assets investments may include funds for infrastructure and national resources.

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