LA Water & Power Extends Stepstone, JP Morgan Contracts

The Los Angeles Water & Power Employees’ Retirement Plan has extended the contracts of Stepstone and JP Morgan, according to newly published materials dated October 16 and related to its upcoming board meeting on October 23.

The board approved the motion for a one-year contract extension with real estate consultant StepStone Group Real Estate through March 31, 2026. Stepstone Real Estate was brought on in February 2021 to consult for the retirement fund on a three-year contract with the possibility of two one-year contract extensions. This extension will be the second of the two.

The board also approved a three-year contract extension for JP Morgan Asset Management, beginning April 1, 2025, and running through March 31, 2028. JP Morgan was brought on in 2010 to manage a core fixed income mandate issued by the retirement fund and Retiree Health Benefits Fund. In March 2015, the investment management mandate changed to principal protection fixed income manager. The initial contract was set to expire March 31, 2025.

According to Dakota data, LA Water & Power has a market value of approximately $21.7B.

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