Los Angeles City Employees' Retirement System (LACERS) has appointed Townsend Holdings to stay on as its real estate consultant, following an RFP issued in September 2021.
A meeting document in mid-April said LACERS had narrowed down the search to Townsend and StepStone Group Real Estate as the semifinalist candidates from a pool of six proposals. The pension fund said in January that both StepStone and Townsend were capable of providing LACERS with the scope of services pursuant to the RFP and agreed to conduct further due diligence.
The real estate consultant assists LACERS in building a diversified private real estate portfolio to help the fund optimize long-term risk adjusted returns. Implementing a competitive bidding process by issuing an RFP is in line with the pension fund’s goal to uphold good governance practices that affirm transparency, accountability and fiduciary duty.
Townsend has served as LACERS’ real estate consultant since April 2014.
