Los Angeles Water and Power Employees' Retirement Plan disclosed $256 million in new private equity commitments for its $16.2 billion defined benefit plan, confirmed Jeremy Wolfson, chief investment officer.
The retirement plan's board committed up to $85 million to Providence Strategic Growth V, a buyout fund managed by Providence Equity Partners; up to $72 million to buyout fund Genstar Capital Partners X and up to $34 million to its overage fund Genstar X Opportunities Fund I; and up to $65 million to venture capital fund Industry Ventures Secondary X all for the defined benefit plan.
The board also approved commitments of up to $15 million, $13 million, $6 million and $10 million to the funds, respectively, for its $2.8 billion retiree health-care fund.
As of April 30, the DB plan's actual allocation to private equity was 7.1%.
