LACERA backs Blackstone and Brookfield

The US public pension has approved $600m worth of commitments across two private real estate vehicles.

Institution: Los Angeles County Employees’ Retirement Association
HQ: Pasadena, US
AUM: $75.21 billion
Allocations to alternatives: 31.1%

Los Angeles County Employees’ Retirement Association (LACERA) has announced $600 million in commitments to two real estate funds, according to materials from its latest retirement board meeting.

It will invest $300 million in Blackstone Real Estate Partners X and $300 million in Brookfield Strategic Real Estate Partners IV.

LACERA was established in 1938 and provides retirement, disability and death benefits to eligible Los Angeles County employees and their beneficiaries. The pension fund collects, deposits, invests, and manages retirement funds for county employees, as well as outside agencies and districts.

LACERA has a 6.9 percent allocation to real estate, which comprises $5.2 billion in capital. This is less than its target allocation of 11 percent to the asset class.

As illustrated below, LACERA’s recent real estate commitments are focused on North American vehicles with opportunistic strategies.

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