Los Angeles City Employees Retirement System committed up to $35 million to the Jamestown Premier Property Fund, minutes from the $13.9 billion pension fund’s Nov. 25 meeting show.
The Jamestown fund is a $1.3 billion open-end core fund that targets office, retail and mixed-use real estate investments. Townsend Group, LACERS’ real estate consultant, assisted. Additional information was unavailable by press time.
Separately, LACERS plans to conduct an asset-liability study. Wilshire Associates, LACERS’ general investment consultant, will present several educational sessions in the first quarter.
Also, staff plans to bring to the board semifinalists in its search for a bank custodian in the first quarter. LACERS received four proposals in response to its RFP that closed on Nov. 7 — Bank of New York Mellon, J.P. Morgan Chase, State Street Bank and Northern Trust.
