Los Angeles Water & Power Employees' Retirement Plan committed up to $88 million to Green Equity Investors VIII, a buyout fund managed by Leonard Green & Partners, on behalf of its pension fund.
The $15.4 billion retirement plan disclosed the commitment in Jan. 22 board meeting materials.
As of Oct. 31, the pension fund's actual allocation to private equity was 6.9%; the target is 6%.
The plan also committed up to $12 million to Green Equity Investors VIII on behalf of its retiree health benefits fund.
Jeremy Wolfson, chief investment officer, could not be immediately reached to provide further information.