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LA County Pension Fund Invests $600M in CBRE Fund
The Los Angeles County Employees Retirement Association (LACERA) has approved the investment of up to $600 million of its pension fund into a fund managed by commercial real estate firm CBRE. The $6.4 billion CBRE U.S. Core Partners Fund, which is managed by the company’s investment arm, is focused on logistics and residential investments in the United States, as well as life science, self-storage and student housing.
According to IPE Real Assets, LACERA has now issued all the $1.2 billion it planned to invest in 2023 into core open-ended real estate. At the end of 2022, private real estate accounted for 6% of LACERA’s total fund, a value of about $4.3 billion and LACERA reported an annual return on core real estate of 24%.
Last month, LACERA’s pension fund approved a $600 million commitment to Clarion Lion Properties Fund that had a net asset value of over $20 billion at the end of 2022.
- ◦Economy
