Water and Power Employees’ Retirement Plan

Water and Power Employees’ Retirement Plan

The Water and Power Employees’ Retirement Plan was established in 1938. It operates as a single-employer defined benefit plan administered by the Retirement Plan Office under the Board of Administration. The plan covers eligible staff of the Los Angeles Department of Water and Power. The plan maintains target allocations that include private equity at 10 percent and real estate holdings. Confirmed commitments include Harrison Street Core Property Fund, EQT Exeter European Logistics Fund, Locust Point Private Credit Fund III, and Kayne Anderson Real Estate Partners VII. Additional positions cover Genstar Capital Partners XI, EQT X, and Industry Ventures Secondary vehicles. Deployments occur in the United States and Europe through fund commitments and co-investments. The plan lists 18.455 billion dollars in assets according to internal records. It maintains memberships in CALAPRS, NCPERS, and NAPPA. The CIO has spoken at CFA Society Los Angeles events on pension asset classes. Service providers include StepStone Group for private equity and real estate advisory since 2006 and RVK for general consulting. The plan functions as a public pension with governance through an elected and appointed Board of Administration. Investment decisions flow through the CIO and external consultants rather than direct internal portfolio management. This structure separates benefit administration from day-to-day asset selection.