Investors - JANUARY 10, 2013

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LACERA commits $100 million and issues RFP

by Andrea Waitrovich

The $39.2 billion Los Angeles County Employees Retirement Association (LACERA) approved a $100 million commitment to Invesco Real Estate Asia Fund at its Jan. 9 meeting. In addition, the plan sponsor will issue an RFP for additional separate account managers.

The open-end commingled fund is a currently under formation by Invesco Real Estate. It is expected to become the firm's flagship investment vehicle in Asia. Invesco Real Estate Asia Fund invests in core real estate,office, retail, multifamily and industrial property types, in major metropolitan areas across the Asia Pacific region, specifically Australia, China, Japan, Singapore and South Korea. It aims to raises $200 million during a first close and $1 billion within five years from first closing.

This is LACERA's initial commitment to the Asia Fund; however, Invesco has been a separate account manager for LACERA since 1994 and is the successor

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