Key Takeaways
- • Terri Herubin, real estate head at the Los Angeles County Employees Retirement Association (LACERA), departed at the end of June 2026 after two years in the role, citing personal reasons according to sources familiar with the matter.
- • Herubin was tasked with overseeing a major restructuring of LACERA's property portfolio during her tenure, which began in 2024.
- • LACERA, with net assets of $79.2 billion as of June 30, 2024, is a significant institutional investor in real estate and pension fund operations under CEO Luis Lugo, who assumed the role in February 2026.
- • The departure occurs amid broader leadership transitions across institutional real estate investment firms, with multiple senior real estate executives departing or relocating to new roles during the same period.
Summary
Terri Herubin has exited her role as real estate head at LACERA, the Los Angeles County Employees Retirement Association, departing at the end of June 2026 after approximately two years with the pension fund. According to multiple sources familiar with the matter, Herubin cited personal reasons for her departure. During her tenure beginning in 2024, she was charged with executing a significant restructuring initiative of LACERA's property portfolio—a substantial undertaking given the fund's $79.2 billion in net assets as of June 30, 2024.
LACERA's real estate operations remain a critical component of the pension fund's diversified investment strategy. Under the leadership of CEO Luis Lugo, who was appointed in February 2026 after serving as acting CEO since March 2025, the organization manages multibillion-dollar investments on behalf of active and retired Los Angeles County employees. The fund's Chief Investment Officer, Jonathan Grabel, oversees the broader investment mandate alongside departmental heads managing specific asset classes.
Herubin's departure reflects broader personnel movements across the institutional real estate investment sector, with numerous senior executives transitioning roles during mid-2026. The timing and circumstances of her exit—characterized as a personal rather than performance-driven decision—distinguish her departure from other industry transitions occurring concurrently, though LACERA has not publicly elaborated on specific reasons or succession planning for the real estate leadership vacancy.
LACERA's real estate operations remain a critical component of the pension fund's diversified investment strategy. Under the leadership of CEO Luis Lugo, who was appointed in February 2026 after serving as acting CEO since March 2025, the organization manages multibillion-dollar investments on behalf of active and retired Los Angeles County employees. The fund's Chief Investment Officer, Jonathan Grabel, oversees the broader investment mandate alongside departmental heads managing specific asset classes.
Herubin's departure reflects broader personnel movements across the institutional real estate investment sector, with numerous senior executives transitioning roles during mid-2026. The timing and circumstances of her exit—characterized as a personal rather than performance-driven decision—distinguish her departure from other industry transitions occurring concurrently, though LACERA has not publicly elaborated on specific reasons or succession planning for the real estate leadership vacancy.
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