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LACERA hires new real estate consultant

The US public pension has appointed Stepstone to provide real estate consulting services.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, United States
AUM: $63.85 billion
Allocation to alternatives: 25.6%

Los Angeles County Employees’ Retirement Association has selected StepStone Group as its real estate consultant, as mentioned at the pension’s January 2021 investment board meeting. The pension issued a request for proposals earlier this year, as reported by PERE. Townsend Group, the current real estate consultant, did not reply to the RFP.

As illustrated below, LACERA currently allocates 8 percent of its full investment portfolio to private real estate. As of September 30, the value of its private real estate portfolio was approximately $5.1 billion. Jonathan Grabel is the pension’s chief investment officer.

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