LA Water & Power Commits $225M to Alternatives

The Los Angeles Water and Power Employees’ Retirement Plan has finalized commitments to private real estate and private equity funds.

Meeting materials from the July 13 board meeting disclose $75 million was committed to opportunistic real estate fund, Cerberus Institutional Real Estate Partners VI.

Private equity funds, Silver Lake Partners VII and Oak HC/FT Partners V, both received $75 million in commitments. Silver Lake focuses on technology sector buyouts. Oak HC/FT V will focus on early stage investments within the healthcare information and financial services technology sectors.

As of December 31, 2021, the $19 billion Retirement Plan targets 8% to real estate and 10% to private equity respectively. The Plan currently allocates 8.1% to real estate and 12.1% to private equity respectively.

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