The Los Angeles City Employeesβ Retirement System (LACERS) is looking to invest up to $200m (β¬200.8m) in real estate, according to a pension fund board meeting document.
The pension fund, which works with real estate consultant The Townsend Group, will allocate up to $140m to core and core-plus commitments.
In a board meeting document, Townsend wrote that one part of this strategy would be to make $15m commitments to the four core funds approved by LACERS last year.
Equal commitments of $35m to Premiere Property Fund, Lion Industrial Trust managed by , Principal US Property Account and The Prime Property Fund run by Morgan Stanley Real Estate have also been confirmed.
Los Angeles City is also considering new relationships in core/core-plus strategies.
The remaining capital available to deploy in 2015-16 will be reserved for new open-ended funds coming to market, with a further $80m invested in non-core funds.
The capital could be placed into four commitments.
Townsend stated in a board meeting document that the commitments were βpossibleβ, given that around $285m was expected to be returned to LACERS from legacy non-core investments in 2015-16.
