# Los Angeles Department of Water & Power Employees' Retirement Plan (LADWP)

Los Angeles Department of Water & Power Employees' Retirement Plan (LADWP) is a Pension Fund based in Los Angeles, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Los Angeles, United States
- **Region:** North America
- **Address:** Los Angeles, CA, United States
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

The Los Angeles Department of Water & Power Employees' Retirement Plan (LADWP) is a public defined-benefit pension fund covering employees of the nation's largest municipal utility. Founded alongside the utility itself, it operates under a retirement board whose president role is held by Adolfo Felix. The fund's CEO is Linda P. Le, with Jeremy Wolfson serving as CIO. The fund maintains a global multi-asset allocation strategy with disclosed positions in private equity, real estate, and infrastructure. Known commitments include EQT Exeter Europe Logistics Value Fund V, focusing on industrial assets in Europe; Starwood Distressed Opportunity Fund XIII, targeting mixed-use globally; Invesco Commercial Mortgage Income Fund, covering North America and Western Europe; and Bain Capital Real Estate Fund III, with US mixed-use focus. The private equity portfolio is global with a buyout orientation. Geographic footprint spans North America, Europe, and global markets. The fund's scale and team size are not publicly disclosed. Additional governance includes the IBEW Local 18 union as a stakeholder in plan management. The LADWP Employees Association serves as a philanthropic affiliate. A structural differentiator is the fund's governance integration with the LADWP utility itself — the retirement board includes union representation from IBEW Local 18, a rare direct labor voice in pension investment decisions. This creates a distinctive stakeholder accountability framework versus standalone pension plans.

## Sectors

- Real Estate
- Private Equity
- Infrastructure

## People

- Jeremy Wolfson — Chief Investment Officer
- Linda P. Le — Chief Executive Officer
- Adolfo Felix — President of the Retirement Board

## Questions

### Who runs investment decisions at LADWP Employees' Retirement Plan?

Jeremy Wolfson is the Chief Investment Officer. Linda P. Le serves as CEO, and Adolfo Felix is President of the Retirement Board. The board includes representation from IBEW Local 18 (public record).

### What is the LADWP pension's investment strategy?

The fund allocates globally across private equity (buyout-oriented), real estate (including value-add and opportunistic funds), and infrastructure. Known commitments include vehicles from EQT Exeter, Starwood Capital, Invesco, and Bain Capital (public record).

### How does the fund's governance structure differ from other pensions?

The retirement board includes union representation from IBEW Local 18, giving labor a direct role in investment oversight. This is a distinct governance model compared to most public pensions where labor representation is less formalized (public record).

## Related profiles

- [Los Angeles Department of Water & Power Employees' Health Plan](https://altss.com/profile/los-angeles-department-of-water-and-power-employees-health-plan)
- [Los Angeles Fire & Police Pension System (LAFPP)](https://altss.com/profile/los-angeles-fire-and-police-pension-system-lafpp)

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Last updated: 2026-06-03T20:00:00.000Z

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