Los Angeles Water sets $240m real estate pacing plan for 2019

Los Angeles Water and Power Employees’ Retirement Plan (WPERP) is planning to invest around $240m (€211.5m) into real estate funds this year, according to the pension fund’s pacing plan. 

The pension fund said in a meeting document that it intends to commit up to $90m each into core or core-plus and value-add strategies and up to $60m into an opportunistic fund.

WPERP said part of the investment could be put into funds which invest in international markets that currently lag the market recovery recently experienced in the US.

Any potential commitments will be brought to the pension fund board for approval by real estate consultant StepStone.

As at the end of last year, the pension fund had a real estate portfolio valued at $915m, representing 6.4% of its $14.3bn assets portfolio. The target allocation for real estate is 8%.

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