US - The $32bn Los Angeles County Employees Retirement Association (LACERA) has put its search for an emerging real estate manager on hold until November, according to Gloria Gil, LACERA real estate investment officer.
Gil said that the fund is currently in the process of compiling its annual report, which has resulted in the suspension of the real estate manager search. The mandate will initially be worth $50m (£35m) with the value rising up to $150m (£105m) over three years. The Townsend Group is assisting LACERA with the search.
Additionally, the fund is looking set to close its search for a private equity consultant. The closing date for initial expressions of interest is at the end of August, and firms which satisfy LACERA's minimum requirements will be invited to tender proposals. The closing date for the selected firms is set for September 12.
By Geoffrey Ho
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