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
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