Los Angeles Water & Power Employees' Retirement Plan made two new alternative investment commitments totaling $200 million, recently released board meeting materials show.
The $15 billion pension fund committed a total of $100 million each to Providence Strategic Growth IV, a lower- and middle-market growth equity fund managed by Providence Equity Partners, and Searchlight Capital III, a buyout fund managed by Searchlight Capital Partners.
As of April 30, the actual allocation to private equity was 4.8%; the target is 5%.
Jeremy Wolfson, chief investment officer, was not available to provide further information.
