Los Angeles County Employees taps StepStone as real estate consultant
StepStone Group as its real estate consultant.
The board of the of the $63.8 billion pension fund made the selection following an RFP that was launched in September. Incumbent Townsend Group has served as LACERA s real estate consultant since 1992 and decided not to reapply for their own reasons, said John McClelland, principal investment officer in response to a question from a board member. LACERA has a $5.1 billion real estate portfolio, with 80% invested in separately managed accounts and the remainder in commingled funds.
Separately, LACERA s staff plans to seek board approval very soon for a manager for its private equity emerging manager program, said Christopher Wagner, principal investment officer, during the meeting. A proposal for an RFP is scheduled to come before the board in June. Current manager, J.P. Morgan Asset Management is expected to fully commit its $300 million mandate by the end of 20