Investors - AUGUST 9, 2016

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LACERS eyes new Asana real estate fund

by Andrea Waitrovich

The $14.9 billion Los Angeles City Employees’ Retirement System will consider committing up to $25 million to Asana Partners Fund I, a retail real estate fund, according to its investment committee agenda.

The pension fund's investment committee will decide Aug. 9 if it will recommend the $25 million commitment.

The committee also is scheduled to vote on recommending a 2017 fiscal year strategic plan for its $859 million real estate portfolio. Under the plan, LACERS would commit up to $300 million to real estate through 2018.

The portfolio targets 60 percent core real estate and 40 percent noncore. The proposed strategic plan also includes targeting specialist real estate operators such as builders to reduce fees and exploit niche expertise and investment sourcing capabilities. And LACERS officials would target commitments to preferred property types and regions, including U.S. retail and U.S. industrial.

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