LACERA backs Clarion open-end real estate fund with $600m

The US public pension intends to invest $1.2 billion in core real estate in 2023.

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Name: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $68.87 billion

Los Angeles County Employees Retirement Association (LACERA) has committed $600 million to Lion Properties Fund (open ended), according to its February board meeting.

LACERA’s backing of the Clarion Partners-manged fund is the pension’s first real estate commitment this year. As of the end of 2022, according to an SEC filing, Lion Property Fund’s current net asset value was $20.2 billion.

LACERA reportedly intends to invest $1.2 billion in core real estate in 2023, as it transitions away from separate accounts and toward open-end funds.

As illustrated below, the pension’s recent commitments are focused on North American and western European vehicles that invest in various sectors.

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