The Pennsylvania State Employees’ Retirement System’s board moved to hire LaSalle Investment Management to manage a real estate asset portfolio within the real estate asset class.
The new real estate portfolio for LaSalle is an addition to an existing mandate with the pension plan. The gross asset value of the portion LaSalle was awarded is $1.1 billion. Including this new SERS portfolio, LaSalle’s U.S. Custom Accounts group, its North America separate accounts business, has more than $8 billion of total assets under management.
“Our Custom Accounts group is focused on constructing and actively managing portfolios to achieve a range of investment objectives,” said Karen Brennan, head of Americas Custom Accounts.
Globally across all investment vehicles (private equity, private debt, public real estate securities), LaSalle has $59 billion of assets under management.
The new portfolio continues LaSalle’s 24-year partnership with SERS, said Jason Kern, LaSalle Americas CEO.
In addition, Penn SERS hired Hotel Asset Value Enhancement to manage a hotel and hospitality asset portfolio.
