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LAFPP commits $120m to core
The Los Angeles Fire and Police Pensions invested $120 million in two core open-end commingled funds at its Nov. 7 meeting. The move was recommended by its real estate consultant, The Townsend Group.
The pension plan made commitments of $60 million each to the Heitman America Real Estate Trust and the MetLife Core Property Fund.
HART is a core open-end fund founded in early 2007 and now comprises more than 130 separate assets with a gross value of approximately $3.1 billion. The fund’s management intends to acquire well-priced core assets, diversified by property type and geography, while utilizing leverage of up to 30 percent. The fund also can consider value-add investments for up to 15 percent of the portfolio value.
The MetLife fund is a new core open-end fund founded and managed by a subsidiary of global in