Los Angeles Water & Power Employees' Retirement Plan disclosed a commitment of up to $85 million to Marathon Credit Dislocation Fund II on behalf of its $16.1 billion defined benefit plan.
The retirement plan disclosed the commitment to the distressed debt fund managed by Marathon Asset Management in materials for its Dec. 13 board meeting.
As of Sept. 30, the pension plan's actual allocation to private credit was 1.3%.
A commitment of up to $15 million was also made on behalf of the $2.9 billion retiree health plan.
Marathon is a new manager for the retirement plan.
