
LACERA Invests $180M in European Real Estate Fund
The Los Angeles County Employees Retirement Association (LACERA), which manages nearly $74 billion in assets, added a Europe-focused fund to its non-core real estate.
Trustees received an informational memo from CIO Jonathan Grabel in December describing a $180 million investment in Angelo Gordon Europe Realty Fund IV.
The fund focuses on markets in the United Kingdom, Western Europe, and the Nordics. Apartments, industrial, hotel, retail, and office are among the sectors represented in the portfolio.
The real asset and inflation hedging program, which includes real estate, returned -4.2% annualized through the end of August. The pension fund launched RFPs for its real estate and real assets emerging manager programs a year ago. Several independent account managers made the cut in October, with the end of the year as the selection deadline.
