Los Angeles City Employees’ Retirement System (LACERS) intends to invest up to $295m (€242.2m) in core and non-core real estate funds in the fiscal 2022 financial year.
According to the $17.7bn pension fund’s meeting document, for the fiscal 2022 year beginning in July, up to $130m is expected to be placed into core funds and as much as $165m is expected to be put into the non-core sector.
The pension fund’s real estate consultant, The Townsend Group, said in the document that some of the core property types being considered for the period are industrial, multifamily and medical office asset.
The strategy also includes identifying opportunities to rebalance the core portfolio to help improve returns.
For non-core, LACERS is considering speciality property fund like cold storage, life sciences, data centres and single-family residential. Part of the strategy also includes possible investment in distressed fund strategies.
Another plan for the non-core investment is to back industrial and multifamily real estate fund managers that are adding new regions or strategies.
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