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ACERS, the Los Angeles City Employees' Retirement System, is projecting $300m in real estate investments for fiscal 2026. According to a board meeting document, The Townsend Group, their investment consultant, outlined a plan to allocate up to $100m to core and core-plus funds, with an additional $200m earmarked for non-core strategies.

    The proposed commitments to core and core-plus funds involve exploring secondary market opportunities at discounted valuations and investing in new blind pool open-end funds targeting high-quality assets. The non-core portion aims to capitalize on market shifts through secondary and recapitalisation investments.

    LACERS' real estate plan also focuses on increasing exposure to specialized sectors, including data centres, industrial outdoor storage, build-to-rent, cold storage, and manufactured housing. For fiscal 2025, the system set a pacing target of up to $450m for the year ending July 31.