For the first time in LAFPP history, the Fund’s total assets reached an unaudited market value in excess of $17 billion dollars on October 15, 2013. This increase, up from the June 30, 2013 value of $15.75 billion, confirms that we are making great progress on rebuilding our portfolio after the losses sustained in the 2008-09 Great Recession.
As highlighted in the October 2, 2013 report on the Fund’s investment return, the market gain was fueled by the strong performance in the domestic and international equity markets. The real estate investments continue to show promising returns as well.
LAFPP is one of the largest public safety pension funds in the country, administering retirement benefits for more than 25,000 active and retired sworn employees of the City of Los Angeles. More information is available at About LAFPP.
Month: November 2013
LAFPP Purchases a New Headquarters Building
After searching for several years for a suitable headquarters building, Los Angeles Fire and Police Pensions (LAFPP) purchased a four-story office building, known as the Neptune Building, on July 24, 2013 for $12.8 million. The 54,000 square foot building is located at 701 East 3rd Street in the Arts District of Downtown Los Angeles.
Before occupying the building, various tenant improvements and building upgrades will be completed over the coming year. The target date for the move is mid 2015. We will provide periodic updates and keep members informed of the status.