Los Angeles Water & Power disperses $45 million to buyout fund
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Los Angeles Water & Power Employees' Retirement Plan committed $45 million to Stellex Capital Partners II on behalf of its defined benefit plan.
The $16.3 billion retirement plan disclosed the commitment to the special situations buyout fund managed by
Stellex Capital Management in a Dec. 2 memo from Jeremy Wolfson, chief investment officer.
As of Oct. 31, the DB plan's private equity allocation was 6.3%; the target is 5%.
The retirement plan also committed $5 million to Stellex Capital Partners II on behalf of its retiree health benefits fund.
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