Los Angeles Water & Power Employees' Retirement Plan disclosed six alternative fund commitments totaling $465 million for its $16.4 billion defined benefit plan, said Jeremy Wolfson, chief investment officer, in an email.
The plan committed up to $125 million to Adams Street Global Small Market Buyout WPERP Fund III, a customized private equity fund of funds that invests in direct small and midsize buyout partnerships and is managed by Adams Street Partners; up to $85 million to Genstar Capital Partners XI, a North American middle-market and large-cap buyout fund; up to $65 million each to Searchlight Capital IV, a buyout fund managed by Searchlight Capital Partners; Trivest Recognition Fund, a buyout fund managed by Trivest Partners; and venture capital fund Industry Ventures Secondary X; and up to $60 million to Rialto Real Estate Fund V-Debt, an opportunistic real estate fund managed by Rialto Capital Management.
The retirement plan previously committed $125 million to Adams Street Global Small Market Buyout WPERP Fund II in 2020, $88 million to Searchlight Capital III in 2019, $65 million to Industry Ventures Secondary IX in 2021 and $60 million to Genstar Capital Partners X, also in 2021.
Rialto Capital Management and Trivest Partners are both new managers for the retirement plan.
As of June 30, the pension plan's actual allocations to private equity and real estate were 13% and 9%, respectively. Each has a target of 10%.