The Los Angeles Fire & Police Pension System (LAFPP) has approved changes to its real estate strategic plan, according to a recently released board meeting document.
The main changes under the new policy were to the maximum property investment types. Commingled size limits were increased by $5 million to open-end core investments ($80 million) and by $10 million to noncore investments ($60 million), according to the board. The individual property size was reduced to $60 million.
The changes reflect the board’s new adopted strategic plan, which it reviewed and approved on Sept. 5.
The real estate portfolio is comprised of 30 percent public real estate and 70 percent private real estate. Within the private real estate portfolio, 60 percent is core and 40 percent noncore, which is equally comprised of value-add and opportunistic strategie
