LACERA searching for real estate managers
By Arleen Jacobius | January 11, 2013 1:55 pm
Los Angeles County Employees' Retirement Association, Pasadena, Calif., has issued an RFP for one or more real estate investment firms capable of investing in core, value-added and opportunistic strategies. Each manager selected would run about $200 million in discretionary full-service domestic separate accounts, confirmed John McClelland, principal investment officer-real estate for the $39.8 billion pension fund in an e-mail response to questions.
Officials launched the RFP to add new separate account equity real estate managers to the six relationships already in place and to make the program more flexible in the event the board decides to transfer assets among managers, according to a memo for the Jan. 9 board of investments meeting. (No such transfer is imminent, the memo noted.)
The RFP is on LACERA's website. RFP responses are due Feb. 8. The board is expected to make a selection as early as its June 12 meeting. Real estate consultant Townsend Group is assisting.
Separately, the board committed up to $100 million to Invesco (IVZ) Real Estate Asia Fund, an open-end commingled fund being formed that would invest in core real estate in the Asia-Pacific region, Mr. McClelland wrote.
INVESCO manages $880 million in U.S. equity real estate and $9.4 million in Asia real estate for LACERA, according to another memo to the board for its Jan. 9 meeting.