Los Angeles Fire & Police Pension System committed $60 million to Prudential Real Estate's PRISA fund and an additional $10 million for a total commitment of about $25 million to PRISA III Fund, stated Tom Lopez, chief investment officer for the $15.6 billion pension fund.
The board also opted to seek about $15 million in redemptions from PRISA II and reinvest the money in PRISA III.
“We are redeeming PRISA II to reduce the number of positions with our real estate portfolio and invest in other PRISA funds,” Mr. Lopez wrote in an e-mail.
Separately, the board renewed its contract with general consultant R.V. Kuhns for three years ending Feb. 29, 2016.