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LACERS issues RFP for REIT manager
The $13.0 billion Los Angeles City Employees’ Retirement System has issued an RFP for one or investment managers to manage approximately $65 million in a global or U.S.-focused REIT strategy.
To be considered, the firm must have co-invested at least $50 million in the proposed product, and the product itself must have at least $330 million in assets under management. If it is U.S.-focused, the product must be benchmarked against either the MSCI U.S. REIT Index, FTSE NAREIT All Equity Index, FTSE NAREIT Equity Index, Wilshire REIT Index or the Wilshire Real Estate Securities Index. If it is a global product, it must be benchmarked against either the FTSE EPRA/NAREIT Developed Index or the S&P Global REIT Index. Furthermore, at least 60 percent of rolling 12-month information ratios for the proposed product must be positive versus the product benchmark.
LACERS has approximately 5 percent of its asse