Los Angeles Water & Power Employees’ Retirement Plan announced two new commitments totaling up to $150 million.
The retirement plan committed up to $65 million each to FTV VIII, a growth equity fund managed by FTV Capital, and Locust Point Private Credit Fund III, a real estate debt fund managed by Locust Point Capital, for its $18.5 billion defined benefit plan, CEO Linda Le said in memos to the board included with March 26 meeting materials.
As of Jan. 31, the pension plan’s actual allocations to private equity and real estate were 14% and 9.3%, respectively; each has a target of 10%.
The retirement plan also committed up to $10 million to each fund for its $3.4 billion retiree health benefits fund.
