Los Angeles City Employees’ Retirement System committed a total of up to $100 million to two real estate managers, information on the $13.9 billion pension fund’s website shows.
LACERS committed about $65 million to CenterSquare Investment Management for an active long-only U.S. real estate investment trust mandate. The selection was made following a search launched March 5. The portfolio’s benchmark is the FTSE NAREIT All Equity REITs index, minutes for the board’s Jan. 13 meeting show.
LACERS also committed up to $35 million to Morgan Stanley’s $11.7 billion open-end core real estate fund, Morgan Stanley Prime Property Fund. The fund targets office, retail, multifamily and industrial properties.
LACERS’ real estate consultant Townsend Group assisted. Officials at the pension fund couldn’t be reached for further information.