LACERS approves $25m commitment to real estate fund
The $15.5 billion Los Angeles City Employees Retirement System has approved the previously reported commitment of up to $25 million to Heitman Asia-Pacific Property Investors at its June 13 investment committee meeting.
Heitman Asia-Pacific Property Investors is a non-U.S. focused real estate fund that follows a value-added investment strategy. The fund will invest in real estate investment opportunities in the Asia-Pacific region, primarily in Australia, Japan, Hong Kong, and Singapore. Investments may include a mix of traditional property
types such as office, industrial, retail, and residential and specialty property types such as self-storage, student housing, and medical office. The fund is seeking to raise $250 million with a hard cap of $350 million.
LACERS has previously committed $15 million to Heitman Value Partners, a U.S. focused value-added fund.
LACERS has a target alloc