Los Angeles County Employees Retirement Association (LACERA) intends to invest around $250m (€219m) in international real estate funds this year as it seeks higher returns outside the US.

The $56bn pension fund said in a board meeting document that it expects to put $100m in Europe, $120m in Asia and $30m in Latin America.

The final decision will be made with the help of real estate consultant The Townsend Group.

LACERA said it will focus on opportunistic funds that can produce returns at least 100bps above returns available from US real estate.

Earlier this month LACERA approved a $100m commitment to an Angelo Gordon value-add real estate fund, which is seeking to raise between $1bn and $1.25bn.

LACERA said AG Asia Realty Fund IV will target net returns of 15% or greater compared with similar risk funds in the US which produce returns of 10% to 14%.