Los Angeles City Employees’ Retirement System (LACERS) has made additional commitments of up to $50 million to two core real estate funds.
The LACERS board allocated an additional $25 million to Kayne Anderson Core Real Estate, an open-ended real estate fund managed by Kayne Anderson Capital Advisors. It made an initial commitment of $35 million in 2019.
In addition, the pension fund invested an additional $25 million in Lion Industrial Trust, managed by Clarion Partners. The fund invests exclusively in industrial properties in North America. LACERS made an initial commitment of $50 million in 2016.
The investments are part of its strategic planning for core investments, which has a target of $110 million.
Since 2015, in an effort to transition the portfolio, the LACERS board has approved $305 million in core commitments, which have all been fully
