LACERS plans additional commitments to real estate

The Los Angeles City Employees’ Retirement System (LACERS) has approved a recommendation from its real estate investment consultant, Courtland Partners, to commit an additional $225 million to real estate during the next three years.

LACERS will invest $85 million in 2013 and 2014, and $55 million in 2015, to maintain a five percent allocation to this asset class. In the recommendation, Courtland advises LACERS to invest in more core assets to bring the pension fund closer to its target allocation between 30 percent and 40 percent. LACERS has a 28 percent actual allocation to core. 

For 2013, Courtland suggests investing $25 million in one core asset