Pension fund explores feasibility of managing a portion of its $2.1bn directly. : Los Angeles Fire & Police Pensions (LAFPP) is considering setting up a direct real estate investment strategy that would be managed in-house. According to a board meeting report, the board of LAFPP asked staff and its real estate consultant The Townsend Group to explore the “feasibility of an internally managed real estate porfolio”. Very few public pension plans in the US manage real estate investments internally, with the vast majority investing via third-party fund managers.