Los Angeles County Employees Retirement Association, Pasadena, Calif., committed $30 million to Urban America, said John McClelland, principal investment officer, real estate, at the $29.5 billion fund. The first hire for the systems emerging manager real estate program, Urban America focuses on inner-city real estate. Funding comes from cash.
The system plans to hire three to five additional managers for the program over the next one to three years and invest up $170 million total, he said. If the hires are done as separate accounts, managers will be hired through RFPs, but no timeline has been set.