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
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.