LACERA terminates global real estate securities account
The Los Angeles County Employees Retirement System has decided to terminate a $162.9 million global non-U.S. public real estate securities account managed by EII Capital Management due to staff turnover. LACERA is planning to conduct a review over the next three months to determine if continued exposure to the asset class is warranted.
Given the pension fund’s uncertainty regarding the merits of the asset class at this time, the account will be liquidated by BlackRock’s Transition Management group. Following the three-month review, if it is determined that continued exposure to global non-U.S. public real estate securities is merited, a search for a new manager will begin at that time.