LACERS to vote on contract renewal with Townsend
The investment board of the $14 billion Los Angeles City Employees’ Retirement System is voting Oct. 11 to approve a five-year contract renewal with The Townsend Group for its real estate consulting services, according to a meeting document.
The investment board issued a three-year contract to Townsend after hiring the firm in 2013. Townsend previously served as the retirement system’s real estate consultant from 1994 to 2007. The current contract expires March 31, 2017.
As of June 30, the retirement system’s real estate portfolio had an exposure of 56.2 percent to core strategies and 43.8 percent to noncore strategies. Townsend expects the real estate portfolio to achieve its target range of 60 percent core and 40 percent noncore by the end of 2016, according to a meeting document.
As of Dec. 31, 2015, Townsend had $13.6 billion of assets under management.
LACERS has a target allocation to real estate of 5 percent.