Los Angeles Water & Power Employees' Retirement Plan made new private equity and real estate commitments totaling up to $273 million on behalf of its pension fund.
The $15.4 billion retirement plan's board committed up to $125 million to Adams Street Global Small Market Global Buyout Fund II, a customized private equity fund of funds managed by Adams Street Partners, according to Dec. 18 meeting materials.
The board previously committed up to $125 million to Adams Street Global Small Market Global Buyout Fund in 2017.
Also, the board committed up to $88 million to buyout fund Platinum Equity Capital Partners V, the plan's first to the manager.
The board also committed up to $60 million to DRA Growth and Income Fund X, a value-added real estate fund managed by DRA Advisors.
The board previously committed $50 million to DRA Growth & Income Fund IX in 2016.
As of Oct. 31, the actual allocations to real estate and private equity were 6.9% and 5.3%; their respective targets are 6% and 5%.
The board also approved commitments from its retiree health benefits fund of $25 million, $15 million and $12 million, respectively, to the same private equity and real estate funds.
Jeremy Wolfson, chief investment officer, could not be immediately reached for comment.