LACERA commits $350 million to real estate separate accounts
The board of investments of the $39.2 billion Los Angeles County Employees Retirement Association (LACERA) has approved an additional $350 million be committed to the pension fund’s real estate separate account managers. The decision was authorized at the board of investments meeting on April 10.
The allocation is part of LACERA’s 2012–2013 real estate investment plan to commit approximately $600 million to the pension fund’s separate account managers. John McClelland, principal investment officer of real estate at LACERA, said the recent commitment makes the investment fully invested and will keep separate account managers actively investing until the end of the fiscal year.
The $350 million has been divided between strategies, with $150 million invested in core, $100 million invested in value-added and $100 million allocated to high return or opportunistic strategies. The allo