Los Angeles Water & Power Employees' Retirement Plan committed $45 million to Stellex Capital Partners II, on behalf of its pension fund.
The $16.5 billion retirement plan disclosed the commitment to the middle-market distressed debt and special opportunities buyout fund managed by Stellex Capital Management in an Aug. 19 memo from Jeremy Wolfson, chief investment officer.
As of June 30, the pension fund's actual allocation to private equity was 5.6%; the target is 5%.
The retirement plan also committed $5 million to Stellex Capital Partners II on behalf of its retiree health benefits fund.
Mr. Wolfson could not be immediately reached for further information.