Louisiana Municipal Police Employees' Retirement System, Baton Rouge, hired LaSalle Investment Management to run $35 million in a commingled value-added real estate portfolio, said Virginia Eckert, director. The board of the $1.2 billion system also interviewed finalists GE Asset Management and RREEF. Funding will come from rebalancing and reducing the pension fund's fixed-income allocation to 35% from 39%. Trustees sought a new manager to complement a $70 million internally managed open-end diversified core real estate portfolio.
Dan Holmes, managing director of consultant Summit Strategies, said the system's target real estate allocation was increased to 10% from 7%.