LACERA approves 2014-15 real estate investment plan, commits $250m to commercial debt
The Los Angeles County Employees Retirement Association has adopted the proposed real estate investment plan for the 2014–2015 fiscal year, which calls for $604 million of net activity by June 30, 2015. The $45.9 billion retirement system has also committed an additional $250 million to its debt separate account with Cornerstone Real Estate Advisers, bringing its total allocation to Cornerstone to $750 million.
LACERA will be entering the fiscal year with 10.2 percent of its fund allocated to real estate, 0.2 percentage points over its target. To this end, no new allocations or commitments are expected, though a net $604 million in investment activity is expected as a result of pending investments, capital investment in properties already owned, continued investment of capital previously allocated and fulfilling prior commitments to commingled funds, according