Los Angeles County Employees' Retirement Association, Pasadena, Calif., plans to search for real estate equity separate account managers to run up to $1.7 billion, and one or more independent fiduciaries to assist with up to $100 million in real estate co-investments, according to the $37.5 billion pension fund's most recent real estate investment plan.
The retirement system expects to invest about $600 million in core, value-added and high-return real estate equity separate accounts through the end of the current fiscal year on June 30, 2013.
Officials expect to invest another $300 million in two real estate debt separate account managers, up to $400 million each in domestic and international real estate commingled funds.
The assets allocated to the two commingled funds would be used only if approved by the board on a case-by-case basis if and when “attractive opportunities arise,” the plan states.
The board approved the plan at its June meeting.
John McClelland, principal investment officer, real estate, could not be reached by press time for further information.