Alameda County Employees' Retirement Association, Oakland, Calif., approved on-site inspections of its real estate properties for the first time.
The staff for the $3.1 billion pension fund expects to start making inspections as early as November. The on-site inspections will help fund officials make sure their properties exist and will continue to generate sufficient income, said Linda Brewton, CIO.
The fund has invested about 4.7% of its assets in real estate, which it uses as a ``cash cow,'' said Ms. Brewton.
Separately, ACERA's investment committee approved adding an analyst position to its investment staff. The analyst could be hired in three to six months and will provide backup support to Ms. Brewton and perform research and other services. It is a new position.