Fundraising - NOVEMBER 10, 2014

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U.S. public pension fund considers open-end core

by Reg Clodfelter

The Los Angeles City Employees’ Retirement System will be voting on a $35 million commitment to Jamestown Property Partners later this week. The commitment, along with three others to core open-end funds, was recommended to the pension plan by its real estate consultant, The Townsend Group, in September.

This commitment, along with the other potential commitments to open-end core funds, comes on the heels of the pension fund’s adoption of a revised strategic plan in May 2014. The new strategic plan called for a more conservative real estate portfolio, and raised LACERS’ target to core real estate from 30 percent of its real estate portfolio to 60 percent, and subsequently reduced the target to noncore real estate from 70 percent to 40 percent.


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