LACERA Adds $150M to Private Real Estate Fund
The Los Angeles County Employees Retirement Association (LACERA), which manages $73 billion, added a $150 million real estate mandate in July, according to information recently reported at its Board of Investments meeting.
In February, the pension system approved a $50 million co-investment alongside Advent International.
Trustees were also told of a commitment of up to $150 million that was made to Bain Capital Real Estate Fund III. The fund is a non-core private real estate fund with a US global large cap strategy set to identify long-term demand growth areas within opportunistic sub-sectors.
LACERA is already invested in Bain Capital Real Estate Funds I and II at $100 million each.
The Board of Investments is also expecting to review responses to its emerging manager real assets RFP that was issued earlier this year in the third quarter, marking yet another busy year for alternative investments for the board.
