Los Angeles City Employees' Retirement System delayed a decision on hiring Courtland Partners as its new real estate consultant until the fund's March 27 board meeting, said CIO Daniel Gallagher. The investment committee of the $10.7 billion system recommended Courtland in January after the firm promised to open a Los Angeles office. Townsend Group, the system's current real estate consultant, had rebid and is still under consideration.
Separately, the system's investment committee recommended committing $30 million each to CB Richard Ellis UK Fund III and Colony Investors VIII; $25 million to CityView LA Urban Land Fund I; and $5 million to Cardinal Americas. The board is expected to vote on the recommendations at its March 27 meeting.