Recognizing the need to continue deploying capital toward real estate in order to reach the pension plan’s 7 percent allocation target for the asset class, the Los Angeles City Employees’ Retirement System (LACERS) is targeting to commit up to $450 million to real estate investments in fiscal year 2024-2025.
As of Dec. 31, 2023, LACERS’ real estate portfolio had a market value of $1.23 billion, or 5.4 percent of total plan assets.
Of the $450 million target for real estate commitments in fiscal year 2024-2025, up to $200 million are to be directed toward core real estate opportunities, while the other $250 million is set aside for non-core real estate opportunities.
