Louisiana Firefighters' Retirement System, Baton Rouge, hired three core real estate managers to run a total of $36 million, said recently released board meeting minutes.
The $1.4 billion pension fund hired AEW Capital Management, ASB Real Estate Investments and Heitman to run $12 million each. All three were finalists in an invitation-only search conducted by investment consultant NEPC.
The pension fund's target allocation to real estate is 7%, and the actual allocation was 6.7% as of Dec. 31.
Steven Stockstill, executive director at the pension fund, did not reply to requests for further information by press time.