Los Angeles Water & Power Employees’ Retirement Plan committed a total of up to $100 million to BPC Opportunities Fund V.
The retirement plan committed up to $85 million to the opportunistic credit fund managed by Beach Point Capital Management for its $18.6 billion defined benefit plan, CEO Linda Le said in a memo to the board included with April 23 meeting materials.
As of Sept. 30, the pension plan’s actual allocation to private credit was 2.1%; the target is 1%.
The retirement plan also committed up to $15 million to the Beach Point Capital fund for its $3.5 billion retiree health benefits fund.
They are the retirement plan’s first commitments to a Beach Point Capital fund.
