Los Angeles Fire and Police Pensions (LAFPP) has set a real estate investment pacing target of $700m (€610.5m) for fiscal year 2027, according to board meeting documentation prepared by investment consultant Townsend.
For the new fiscal year, which runs through July 2027, the pension fund plans a $350m allocation to core real estate, following a period of zero capital deployment into core funds during the previous fiscal year and a $150m commitment two years prior.
LAFPP plans to select core and core-plus open-ended funds while considering re-up commitments to top-performing existing managers.
The remaining $350m of the 2027 real estate pacing plan is earmarked for non-core strategies, which will target specialist managers operating in growth-oriented niche sectors.
The pension fund currently holds a 6.5% allocation to real estate against an 8.5% target.
LAFPP has set a $170m pacing target for its infrastructure portfolio in fiscal 2027, comprising $120m for tactical investments and $50m for strategic allocations.
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