LACERA slates $600m for open-ended Clarion Lion Properties Fund

The Los Angeles County Employees Retirement Association (LACERA) has approved a commitment of up to $600 million to the Clarion Lion Properties Fund, an open-end core real estate fund managed by Clarion Partners, according to an investment document from Feb. 8.

Clarion Lion Properties Fund invests across the four core property types — industrial, multifamily, office and retail — with a significant allocation to the life sciences in the United States.

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.

Core real estate represents lower risk, reliable return and income orientation, according to LACERA. Core real estate also provides a hedge against inflation, as well as f