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Calif. pension fund commits $550M to US real estate

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Calif. pension fund commits $550M to US real estate

Los Angeles County Employees Retirement Association will invest $550 million in U.S. real estate over the next fiscal year, as it seeks to boost its exposure to industrial properties, IPE Real Assets reported, citing a board meeting document.

The pension fund, through its separate account managers, will funnel $450 million to core and value-add real estate assets and $100 million to high-growth deals during the 12 months from July 2018, IPE wrote.

The pension fund is also selling $700 million of properties held in separate accounts in an effort to reduce its apartment holdings. The fund was earlier reported to have sold 50% of a $500 million multifamily real estate portfolio to an institutional investor advised by PGIM Real Estate.

Capri Capital, Clarion, DWS, Heitman, Invesco, Stockbridge and TA Associates are among the managers of the pension fund's nondiscretionary separate accounts.

The pension fund aims to keep its current office and retail exposure, according to the publication.