Institution: Los Angeles City Employees’ Retirement System
Headquarters: Los Angeles, United States
AUM: $17.68 billion
Allocation to alternatives: 21.41%
Los Angeles City Employees’ Retirement System has committed $40 million to Cerberus Institutional Real Estate Partners V, which invests in a diverse group of industries in North America and Europe, according to a September 2020 meeting agenda.
Other highlights from LACERS’ September 2020 investment committee meeting:
- LACERS’ investment with the Cerberus Capital Management fund supports its strategy to “optimize long-term risk-adjusted investment returns.”
- The pension’s real estate asset class sits at 4.46 percent on a 7 percent target.
- The real estate asset class has achieved an annualized return of 9.28 percent net of fees over the last 10 years (and a 5.92 percent annualized return since inception).
- In the institution’s real assets portfolio, which includes private real estate and public real assets, real estate makes up 39.33 percent.
Rodney June serves as LACERS’ chief investment officer. This is his second time at the pension, following a decade long stint as an investment officer from 1998 to 2008. During his time away, June was the CIO of the State of Hawaii Employees’ Retirement System.
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