Key Takeaways
- • LACERA, the Los Angeles County Employees Retirement Association, plans to issue its first request for proposal for a real estate investment consultant since 2020, according to IPE Real Assets.
- • The incumbent consultant, StepStone Real Estate, was hired in early 2021 and its five-year contract expires this April, with an option for two-year extensions.
- • LACERA expects to conduct the search in the first quarter of 2026 and anticipates a hiring recommendation through its board of investments in the fourth quarter of 2026.
- • StepStone has the option to participate in the request for proposal.
- • The pension fund wants the new consultant to cover both stable core/core-plus and higher-growth value-add/opportunistic real estate investments.
Summary
The Los Angeles County Employees Retirement Association (LACERA) plans to issue its first request for proposal (RFP) for a real estate investment consultant since 2020, according to IPE Real Assets. The search follows the pension fund's 2021 hiring of StepStone Real Estate, which was selected after the previous consultant search.
According to a meeting document cited by IPE Real Assets, the StepStone contract is approaching the end of a five-year term that expires this April. The agreement includes an option for two-year extensions. StepStone has the option to participate in the new RFP.
LACERA will conduct the search during the first quarter of 2026, according to the same meeting document, and expects a hiring recommendation to be presented to its board of investments in the fourth quarter of 2026.
Board meeting documents indicate that the pension fund wants the new consultant to manage both stable core and core-plus real estate investments and higher-growth value-add and opportunistic real estate investments. The mandate scope reflects LACERA's broader strategic shift over the past year toward open- and closed-end funds and away from its previous separate account strategy.
According to a meeting document cited by IPE Real Assets, the StepStone contract is approaching the end of a five-year term that expires this April. The agreement includes an option for two-year extensions. StepStone has the option to participate in the new RFP.
LACERA will conduct the search during the first quarter of 2026, according to the same meeting document, and expects a hiring recommendation to be presented to its board of investments in the fourth quarter of 2026.
Board meeting documents indicate that the pension fund wants the new consultant to manage both stable core and core-plus real estate investments and higher-growth value-add and opportunistic real estate investments. The mandate scope reflects LACERA's broader strategic shift over the past year toward open- and closed-end funds and away from its previous separate account strategy.
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