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Los Angeles Department of Water & Power Employees' Health Plan
Linda Le oversees the LADWP Employees' Health Plan, a pension fund allocating to private credit, real estate, and infrastructure.
Los Angeles Department of Water & Power Employees' Health Plan
The Los Angeles Department of Water & Power Employees' Health Plan is a public-sector pension fund established to provide retirement and health benefits for employees of the nation's largest municipal utility. It operates as a proprietary department of the City of Los Angeles, with Linda Le serving as Retirement Plan Manager and Chief Executive, and Jeremy Wolfson as Chief Investment Officer directing portfolio strategy. The fund's investment strategy spans private credit, real estate, and infrastructure, with a focus on buyout-oriented allocations. Disclosed holdings include Locust Point Private Credit Fund III, Harrison Street Core Property Fund (mixed-use), Bain Capital Real Estate Fund III (commercial), Cerberus Institutional Real Estate Partners V (commercial), Starwood Distressed Opportunity Fund XIII (commercial), and EQT Exeter Europe Logistics Value Fund V (industrial). Geographic exposure covers the United States, Europe, and the UK. Details on total AUM and team size are not publicly disclosed. As of recent filings, the fund has not reported any significant personnel changes or new vehicle launches in the last 24 months (per public record). The fund maintains no philanthropic arm or operating companies that are publicly separated. A key structural differentiator is its status as a single-employer health plan for a municipal utility, giving it a stable, contributory funding base distinct from corporate or multi-employer plans. Its governance is tied to the City of Los Angeles, which shapes its mandate and risk appetite.
General information
Firm type
Public Sector Pension
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Los Angeles
Corporate office
Los Angeles, CA, United States
Principals
Linda Le
Retirement Plan Manager / Chief Executive
Jeremy Wolfson
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at the LADWP Employees' Health Plan?
Linda Le serves as Retirement Plan Manager and Chief Executive, overseeing administration and strategy. Jeremy Wolfson is Chief Investment Officer, directing the investment portfolio and manager selection (per public record).
How does the fund source proprietary deal flow?
The fund primarily invests through established external managers across private credit, real estate, and infrastructure. It does not maintain a direct investing team, which is typical for public-sector pension funds of its size.
Is the fund structured as a single family office or a pension fund?
It is a public-sector pension fund, specifically a single-employer health plan for LADWP employees. It operates as a proprietary department of the City of Los Angeles, distinct from family offices or multi-employer plans.
Does the fund participate in fund commitments or only direct deals?
The fund primarily commits to external funds, as evidenced by its holdings in vehicles like Bain Capital Real Estate Fund III and Starwood Distressed Opportunity Fund XIII. Direct co-investments or direct deals are not publicly disclosed.
What investment stages does the fund typically target?
The fund focuses on buyout-oriented investments across private credit, commercial real estate, and infrastructure. Holdings include distressed opportunity funds, core property funds, and logistics value-add funds, indicating a broad stage appetite.
Which sectors does the fund explicitly avoid?
The fund's disclosed holdings do not show significant exposure to venture capital, hedge funds, or public equities. It concentrates on private credit and real assets, likely reflecting a conservative mandate for a health plan.
Where does the underlying wealth come from?
The fund is capitalized by employee contributions and LADWP revenue, with the City of Los Angeles as the parent entity. It is not tied to a family fortune or commercial enterprise.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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