US pension fund plans to raise private real estate allocation from 5% to 8%: Los Angeles City Employees’ Retirement System (LACERS) is considering increasing its private real estate allocation from 5% to 8%. According to a board meeting report, the pension fund is conducting an asset allocation review with its investment consultant NEPC. The change would mean its allocation to core real estate could move from 3% to 4.8%, and its non-core exposure could rise from 2% to 3.2%.