Ventura County (Calif.) Employees' Retirement Association committed $100 million to value-added real estate fund LaSalle Income & Growth Fund VIII, said Dan Gallagher, chief investment officer.
It is the $5.7 billion pension fund's first commitment to a fund managed by LaSalle Investment Management; as of Sept. 30, VCERA's actual allocation to real estate was 7.5%. The target is 7%.
The pension fund also hired Reams Asset Management to run a $100 million 10-year U.S. Treasuries portfolio. Reams already runs a $308 million active domestic core fixed-income portfolio for the pension fund.
According to materials from VCERA's board meeting Monday, the addition of U.S. Treasuries to the pension fund's portfolio is to hedge the risk of its private equity portfolio.
The target for U.S. Treasuries is 2%, with no current managers.
Investment consultant NEPC assisted with both actions.