LACERA Commits $600M to Clarion Partners’ Open-End Real Estate Fund
The nearly $69 billion Los Angeles County Employees Retirement Association (LACERA) boosted its real estate portfolio with a $600 million commitment to Clarion Partners’ open-end Lion Properties Fund, according to its February board meeting.
This is the pension fund’s first real estate commitment of the year. According to an SEC filing, Lion Properties Fund’s net asset value was $20.2 billion as of the end of 2022. LACERA plans to invest $1.2 billion in core real estate this year as it transitions from separate accounts to open-ended funds.
Recent investments by LACERA have been focused on North American and Western European vehicles, including $300 million in Blackstone’s opportunistic fund Blackstone Real Estate Partners X; a $300 million commitment to Brookfield Asset Management’s opportunistic fund Brookfield Strategic Real Estate Partners IV; and a value-add fund, CapMan Nordic Real Estate II, with a $59.2 million commitment.
LACERA is the largest county retirement system in the US with more than 156,000 members. Established in 1938, LACERA provides retirement, disability and death benefits to eligible Los Angeles County employees and their beneficiaries.
