Los Angeles City Employees' Retirement System committed up to $35 million to real estate fund Asana Partners Fund II, according to recently released board meeting minutes.
Asana's latest fund will continue to focus on street-level retail properties in the eastern and southern U.S. The $16.8 billion pension fund had committed $20 million to Asana Partners Fund I in 2016. LACERS' real estate consultant Townsend Group assisted.
Separately, the board approved at its Oct. 9 meeting a private equity strategy plan for 2019. The pension fund had $1.7 billion in private equity as of June 30 and a 14% private equity target allocation. Under the plan, LACERS officials expect to commit $550 million to $575 million to private equity in 2019, with an annual increase of about $75 million to $100 million each year until 2023. LACERS would make 10 to 12 commitments of $50 million to $100 million each per year from 2019 to 2023, according to the plan. LACERS' private equity consultant TorreyCove Capital Partners assisted.