Los Angeles Department of Water & Power Employees' Health Plan

Los Angeles Department of Water & Power Employees' Health Plan

The Los Angeles Department of Water & Power Employees' Health Plan functions as the health benefits trust for employees and retirees of the largest municipal utility in the United States. Its investment program operates under the governance of the City of Los Angeles, which maintains the plan as a proprietary department alongside the broader LADWP retirement system. Named leadership includes Linda Le as Retirement Plan Manager and Jeremy Wolfson as Chief Investment Officer, who together oversee asset allocation and manager selection tailored to a health-plan liability schedule. Portfolio commitments center on real assets and private credit, with a notable concentration in commercial and industrial real estate across North America and Europe. The plan participates predominantly through fund commitments to institutional managers — known commitments include Cerberus Institutional Real Estate Partners V, Starwood Distressed Opportunity Fund XIII, EQT Exeter Europe Logistics Value Fund V, and Bain Capital Real Estate Fund III. In private credit, the plan has allocated to Locust Point Private Credit Fund III. This fund-of-one posture reflects a preference for co-mingled institutional vehicles rather than direct co-investment or separate-account structures. Geographic exposure spans the United States, Europe, and the United Kingdom. The plan operates as one component of the LADWP retirement and benefits framework, which is part of the City of Los Angeles administrative structure. The broader LADWP system is one of the largest municipal utility employers in the country, though the health plan's specific asset base is not publicly reported. No recent public investment materials or board-meeting transcripts are available that detail total AUM or near-term deployment targets for the health plan individually. The plan's structural differentiator lies in its narrow mandate: it serves a single employer's health-benefit liabilities rather than a diversified pension pool. That creates a duration profile and liquidity requirement distinct from typical municipal pension peers, and it explains the focus on income-producing real estate and private credit allocations. Governance flows through the City of Los Angeles, retaining public-sector transparency norms while operating with limited external disclosure beyond required regulatory filings.