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Sign in Sign up for a FREE subscriptionLACERS makes $20m investment in Broadview Real Estate fund
The $17.7 billion Los Angeles City Employees’ Retirement System (LACERS) has committed up to $20 million to Broadview Real Estate Partners’ value-add fund, according to board meeting documents.
On May 28, the pension fund unanimously approved the commitment, which officially closed on July 26.
The fund will invest in a diversified portfolio of assets across the United States, including office, hotel, industrial, mixed-use, senior housing and student housing. It has raised $79.6 million against a target of $230 million and requires a minimum investment of $3 million.
The investment will enable LACERS to maintain exposure to diversified real estate, helping the pension fund optimize long-term risk adjusted investment goals, according to the document.
The pension fund had a 7 percent target allocation to private real estate, as of June 30, 2018.