The Los Angeles County Employees Retirement Association (LACERA) is considering hiring an emerging real estate manager. The mandate will initially be worth $50m (£35m) with the value rising up to $150m (£105m) over three years.
Gloria Gil, real estate investment officer for the fund, said that although the $32bn (£22.4bn) pension fund was planning to look for emerging real estate managers, a formal search would only begin if the fund believed that there was sufficient number of applicants to make the process worthwhile.
Townsend Group is assisting LACERA with the research, although Gil added that as yet, no formal time scale had been set regarding a search or hire.
By Geoffrey Ho
Here it is... The video of all the highlights from last night's UK Pensions Awards.
Here they are...all the pictures from the UK Pensions Awards 2019.
This week's top stories included The Pensions Regulator criticising Sir Philip Green's latest plans for the Arcadia pension schemes.
The trustees of the beleaguered industry-wide Plumbing and Mechanical Services (UK) Industry Pension Scheme have confirmed it will close to accrual in June.