The $44.7 billion Los Angeles County Employees Retirement Association made $213.5 million in real estate acquisitions in the fourth quarter, increasing its separate accounts with four real estate managers, while disposing of $66.4 million in assets, according to board documents.
In addition, the retirement system’s real estate staff has proposed two additions to its real estate investment policy. According to a memorandum presented at the May 21 board of investments meeting, the updates to the updates to the Real Estate Objectives, Policies and Procedures include: “(1) a lender leverage policy (for use by the fund’s real estate debt managers); and (2) an environmental, social and governance (ESG) policy.”
According to board documents, LACERA’s separate account managers made five acquisitions in the fourth quarter:
