LACERA to invest $400 million in real estate
The $39.2 billion Los Angeles County Employees Retirement System (LACERA) has approved two investments in real estate totaling $400 million at its Oct. 9 meeting.
LACERA approved a $100 million investment into the City View Southern California Fund II. City View Southern California Fund II invests in smart growth projects — such as urban land, housing, mixed-use, commercial and infrastructure projects — that promote efficient land use, urban redevelopment, neighborhood revitalization, sustainability and metropolitan economic opportunity.
In addition, LACERA will be investing $300 million into its single-family housing program, which is managed by TriPacific Capital Advisors. The pension plan aims to retire its existing line of credit within the program. The market value of LACERA’s investment was $133 million as of June 2013.
The commitments follow LACERA's