Los Angeles County Employees Retirement Association, Pasadena, Calif., will increase real estate investments to 9.1% of total assets from 8.7%, and add real estate debt investments, said Lisa Mazzocco, chief investment officer of the $33.3 billion association.
The changes are part of the real estate investment plan for 2010-2011 approved by the board on Wednesday.
The investments are within the association's current policy range for real estate — 7% to 15% — and below its 10% allocation to the asset class.
Separately, the board approved a strategic plan for real estate that includes a new suballocation to private debt of up to 20% of the $2.9 billion real estate portfolio.
The board could decide whether the new plans will result in searches as early as its September board of investments meeting, Ms. Mazzocco said.