Los Angeles City Employees Retirement System (LACERS) is planning to invest up to $450m (€427.3m) in real estate in fiscal 2023.
According to the pension fund’s meeting document, the real estate investment plan for the fiscal year beginning 1 July 2022 involves committing up to $200m and $250m into core and non-core funds respectively.
LACERS expects to commit capital to core funds that can provide the pension fund access to property types with high expected risk-adjusted returns. LACERS will consider multifamily and life science property types for this strategy.
The core strategy will also target open-end funds, according to the meeting document.
For non-core, the pension fund will consider industrial and multifamily funds to help increase and diversify its exposure to the property types.
LACERS will also consider property types like life sciences, cold storage, data centres and single-family rental assets if the opportunity arises.
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