LACERA approves up to $600m for CBRE U.S. Core Partners Fund

The Los Angeles County Employees Retirement Association (LACERA) has unanimously approved a commitment of up to $600 million to the open-ended CBRE U.S. Core Partners Fund, according to a meeting document from March 8.

Launched in 2013, the core real estate fund seeks to invest in high-quality, income-producing assets throughout the United States, with a focus on logistics, residential and growth sectors. PitchBook estimates the size of the fund to be around $6.36 billion.

Other investors include the Kansas Public Employees Retirement System and the San Diego City Employees’ Retirement System.

In January, LACERA announced plans to invest $1.2 billion in core real estate in 2023, maintaining a target allocation of 6 percent to core real estate within real assets and inflation hedges, which was at an actual allocation of 6.1 percent as of June 30, 2022.

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