Los Angeles Water & Power Employees’ Retirement Plan disclosed commitments totaling up to $165 million for its $18.5 billion defined benefit fund.
The retirement plan disclosed commitments of up to $80 million and $25 million, respectively, to Clearlake Capital Partners VIII, a private equity special situations and value fund, and Clearlake Limerock Co-Investment, a private equity co-investment fund, both managed by Clearlake Capital Group; and up to $60 million to value-added real estate fund Bain Capital Real Estate Fund III in materials for its Dec. 11 board meeting.
As of Sept. 30, the pension fund’s actual allocations to private equity and real estate were 13.6% and 8.8%, respectively; each has a target of 10%.
Also, the retirement plan committed up to $10 million and $5 million, respectively, to the Clearlake funds and up to $15 million to the Bain Capital fund for its $3.4 billion health fund.