Key Takeaways
- • Los Angeles County Employees Retirement Association (LACERA) committed $300 million to Bell Partners' Residential Growth & Income Fund, a closed-ended, core-plus strategy focused on US multifamily apartment assets.
- • The investment supports LACERA's 2025 real estate rebalancing objective, as residential real estate represented 28% of the pension fund's total real estate portfolio at the start of 2025, slightly below the ODCE Index benchmark of 30%.
- • LACERA has announced $1.5 billion in total new core real estate commitments planned for 2025, with deployment timing subject to variations based on pension fund growth, timing of separate account asset sales, and market opportunity availability.
- • Bell Partners, a North Carolina-based multifamily real estate manager, is raising capital for the fund, which had secured over 50% of its capital target since late August 2025.
Summary
Los Angeles County Employees Retirement Association approved a $300 million capital commitment to Bell Partners' Residential Growth & Income Fund, according to a board meeting disclosure. The fund operates as a closed-ended, core-plus strategy investing exclusively in apartment communities across the United States. Bell Partners, a North Carolina-based real estate management company specializing in multifamily acquisitions and operations, is managing the vehicle.
The allocation reflects LACERA's portfolio rebalancing strategy within its real estate holdings. As of early 2025, residential real estate comprised 28% of LACERA's total real estate portfolio, compared to the ODCE Index's 30% weighting. The additional residential commitment positions the pension fund closer to benchmark allocations while diversifying its core real estate exposure across multiple US markets.
The $300 million commitment contributes to LACERA's broader 2025 real estate capital deployment plan, which targets $1.5 billion in new core real estate commitments for the year. However, actual deployment may vary based on several factors, including the pension fund's total asset growth rate, the timing of liquidity from separate account asset sales, and the availability of suitable investment opportunities in the market. Bell Partners disclosed that the fund had raised more than 50% of its capital target by late August 2025, indicating strong institutional demand for the vehicle.
The allocation reflects LACERA's portfolio rebalancing strategy within its real estate holdings. As of early 2025, residential real estate comprised 28% of LACERA's total real estate portfolio, compared to the ODCE Index's 30% weighting. The additional residential commitment positions the pension fund closer to benchmark allocations while diversifying its core real estate exposure across multiple US markets.
The $300 million commitment contributes to LACERA's broader 2025 real estate capital deployment plan, which targets $1.5 billion in new core real estate commitments for the year. However, actual deployment may vary based on several factors, including the pension fund's total asset growth rate, the timing of liquidity from separate account asset sales, and the availability of suitable investment opportunities in the market. Bell Partners disclosed that the fund had raised more than 50% of its capital target by late August 2025, indicating strong institutional demand for the vehicle.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.