Los Angeles Water & Power Employees' Retirement Plan rehired StepStone Real Estate as real estate consultant, said Jeremy Wolfson, chief investment officer.
The $18.4 billion pension fund issued an RFP in September. StepStone had inherited the contract of incumbent consultant Courtland Partners in 2018 following its acquisition of that firm.
The other finalists were Albourne Partners, Callan, Meketa Investment Group and Townsend Group.
As of Nov. 30, the actual allocation to real estate was 6.8%; the target is 7%.
