Los Angeles County Employees Retirement Association (LACERA) is planning to hire StepStone Group Real Estate as its new real estate consultant.
The $58.5bn pension fund, which issued a request for proposal (RFP) last year, said in a meeting document that it is recommending the hiring of StepStone due to the consultant’s investment style and attractive fee discount.
Seven firms responded to the RFP, excluding the current real estate consultant The Townsend Group. Townsend declined a request for comment.
Albourne America, Cambridge Associates and Meketa Investment Group were shortlisted. The other firms that responded to the RFP were Callan, NEPC and RCLCO Fund Advisors.
As of the end of September last year, LACERA had a $5.1bn (€4.1bn) real estate portfolio. The portfolio comprised of 80% core assets with opportunistic and value-add assets making up 14% and 6% of the portfolio respectively.
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