LACERS commits up to $60m to core real estate
The Los Angeles City Employees’ Retirement System has committed $60 million to four open-end core real estate funds, according to recent meeting documents. The four commitments of $15 million each went to Clarion Lion Industrial Trust, Jamestown Premier Property Fund, Morgan Stanley Prime Property Fund and Principal U.S. Property Account. These were all additional commitments to the $35 million committed to each fund in 2014.
These investments come at the recommendation of The Townsend Group, the $14.1 billion pension fund’s real estate consultant, and are consistent with LACERS’ Real Estate Investments Fiscal Year 2015–2016 Strategic Plan that was approved at the June 23 board meeting.
The four open-end core funds focus on different property types in different region