Los Angeles Water & Power Employees' Retirement Plan disclosed four new commitments totaling up to $237 million on behalf of its $15.6 billion defined benefit plan.
The retirement plan committed up to $65 million each to Apollo Investment Fund X, a buyout fund managed by Apollo Global Management; buyout fund Clayton, Dubilier & Rice Fund XII; and private equity fund Platinum Equity Capital Partners VI; and up to $42 million to opportunistic credit fund BlackRock Global Credit Opportunities II, said Jeremy Wolfson, chief investment officer, in an email.
The retirement plan also committed $10 million, $10 million, $10 million and $8 million, respectively, to the above funds on behalf of its $2.8 billion health fund.
For the DB plan, the retirement plan previously committed up to $88 million to Platinum Equity Partners V in 2019, up to $54 million to Apollo Investment Fund IX in 2018 and up to $65 million to Clayton Dubilier & Rice XI in 2020. The plan has not made a commitment to prior BlackRock credit funds.
As of Dec. 31, the DB plan's actual allocations to private equity and private credit were 13.1% and 1.2%, respectively; their respective targets are 10% and 1%.