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Alternative Assets  + Real Estate  |  January 8, 2024
LACERA Invests $180M in European Real Estate Fund
Joe Palmisano
By: Joe Palmisano

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.

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Los Angeles County Employees Retirement Association

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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