LAFPP unveils 2025 real estate investment plan

The $31 billion Los Angeles Fire and Police Pensions (LAFPP) has released its real estate annual investment plan for 2025, as prepared by Townsend Group.

In its Sept. 19 Board of Fire and Police Pension Commissioners meeting, LAFPP reported its private real estate portfolio will target up to $150 million in investments in its core portfolio, where it will commit capital to specialist core and/or core-plus funds and consider thematic investments to manage the core exposure and adjust for return and risk purposes.

In its noncore portfolio, LAFPP will target up to $300 million and selectively commit capital to four or five new investments at an average amount of $60 million to $75 million per fund. The pension fund also aims to continue vintage-year diversification and continue to build relationships with top-performing managers.

In its 2024 investment plan, on behalf of its core strategy, LAFPP