Key Takeaways
- • Terri Herubin, LACERA's real estate head, departed at the end of June 2026 after two years in the role, citing personal reasons according to three sources familiar with the matter.
- • Herubin was tasked with overseeing a major restructuring of the Los Angeles County Employees Retirement Association's property portfolio during her tenure since joining in 2024.
- • LACERA has been actively reducing its real estate allocation, with a stated objective to decrease the asset class from 11 percent of total capital (as of 2018) to 7 percent through strategic dispositions.
- • The departure occurs under the leadership of CEO Luis Lugo, who was promoted to the role in February 2026 after serving as acting CEO since March 2025.
Summary
Terri Herubin has departed from her position as real estate head at LACERA (Los Angeles County Employees Retirement Association), effective at the end of June 2026. According to three sources familiar with the matter, Herubin cited personal reasons for her departure. She had held the role for approximately two years, having joined LACERA in 2024 to lead a significant restructuring initiative of the pension fund's real estate portfolio.
During her tenure, Herubin was responsible for executing LACERA's strategic shift away from heavy concentration in real estate assets. The pension fund has been actively working to reduce its real estate allocation from 11 percent of total capital to a target of 7 percent through an organized disposition strategy. This rebalancing reflects a broader institutional reassessment of real estate's role within the fund's overall asset allocation framework.
Herubin's departure takes place under the current leadership of Luis Lugo, who assumed the role of CEO in February 2026. Lugo had previously served as deputy CEO since joining LACERA in July 2021 and acted as CEO starting in March 2025 during a predecessor's medical leave of absence. The timing of Herubin's exit suggests a transition point in LACERA's real estate operations as the fund continues to execute its portfolio restructuring mandate.
During her tenure, Herubin was responsible for executing LACERA's strategic shift away from heavy concentration in real estate assets. The pension fund has been actively working to reduce its real estate allocation from 11 percent of total capital to a target of 7 percent through an organized disposition strategy. This rebalancing reflects a broader institutional reassessment of real estate's role within the fund's overall asset allocation framework.
Herubin's departure takes place under the current leadership of Luis Lugo, who assumed the role of CEO in February 2026. Lugo had previously served as deputy CEO since joining LACERA in July 2021 and acted as CEO starting in March 2025 during a predecessor's medical leave of absence. The timing of Herubin's exit suggests a transition point in LACERA's real estate operations as the fund continues to execute its portfolio restructuring mandate.
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