The $23.17 billion Los Angeles Fire & Police Pensions (LAFPP) has renewed its contract with AEW Capital Management to manage the pension fund’s real estate separate account mandate.
In September 2017, LAFPP interviewed six candidates for the separate account mandate, selecting AEW to begin managing the portfolio in January 2018. The current contract expires on Dec. 31 with the renewal to take place in 2021. The new contract will extend another three years.
Separate account properties are owned and managed by the pension fund’s board, which consults a real estate separate account manager to identify suitable properties for investment, according to a Nov. 5 board meeting document. The manager brings these properties to the board with an investment recommendation and manages the property for the board’s account if the board approves purchase of the property
