California pension fund votes on $35m commitment
The Los Angeles City Employees’ Retirement System will vote on a $35 million commitment to the Principal U.S. Property Account, an open-end core fund managed by Principal Real Estate Investors, according to recently released board documents. The results of the vote will be announced when the board releases the meeting’s minutes in the next couple of weeks.
The board’s real estate consultant, The Townsend Group, recommended the commitment in September, noting that its diversity is in line with LACERS’ positions at that time. The open-end fund, which launched in 1982 and comprises approximately 4.3 percent of the ODCE index as of September 2014, is currently overweight to office and industrial and underweight to multifamily, according to Townsend.