Los Angeles County Employees' Retirement Association, Pasadena, Calif., hired John Burns Real Estate Consulting to advise on the liquidation of LACERA's close to $429 million single-family homebuilding program, David Kushner, chief investment officer of the $38 billion retirement association, said in an e-mail.
It is LACERA's first hiring of this kind. The fund issued an RFI in November.
The housing program has a total investment of about $429 million, including equity and guaranteed debt. LACERA is in the fourth year of a five-year investment period for the program. At the end of the investment period, the program automatically enters a wind-down period when the assets are liquidated in an orderly manner and no new investments are made.