Pension fund plans to rebalance portfolio in favour of funds. : Los Angeles County Employees Retirement Association (LACERA) is planning to reduce the size of its real estate portfolio. According to a board meeting report, the pension fund plans to sell assets during the next fiscal year that would result in a $1bn (€886m) net reduction. Last September, 85% of its $6.4bn real estate portfolio was managed in the form of separate accounts. This could be shifted so that separate accounts and commingled funds represent an equal share.