The $10.7 billion Los Angeles City Employees’ Retirement System has launched a new real estate strategic plan, Pensions & Investments reports. The system is committing $50 million to core funds, a combined $90-95 million to two to three value-added managers, $75 million to opportunistic managers and at least $20 million to international investments. Though the system has a total of 36 managers, it may also hire other managers as per the strategic plan recommended by real estate investment consultant, Courtland Partners. LACERA will increase investments in open-end commingled funds, cut exposure to closed-end commingled funds and use an external manager to run a separate account.
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