Los Angeles County Employees Retirement Association board approved a...

Los Angeles County Employees Retirement Association board approved a real estate development strategy permitting the fund to invest in development projects for the first time. The fund’s four existing core investment managers, which oversee more than $500 million each for the $27.8 billion fund, will manage the new development investments in existing or planned buildings, either under construction or undergoing renovations or expansions. Investment is limited to 10% of the total real estate allocation at any one time, or about $280 million. The board approved a one-time waiver to guidelines prohibiting non-U.S. investments of more than 50% of assets in the investment fund, allowing Hamilton Lane Advisors to make a discretionary commitment of $10 million for LACERA to the Providence Growth Investors Fund.