Key Takeaways
- • The Los Angeles Department of Water and Power Employees Retirement Plan (LADWP) committed $250 million to real estate funds managed by The Vistria Group, Locust Point Capital and DRA Advisors.
- • Vistria Housing Fund, an open-end, core-plus, value-added vehicle investing in U.S. workforce housing, received $100 million from the plan.
- • Locust Point Private Credit Fund IV, a closed-end, value-added fund providing subordinate debt, preferred equity and opportunistic senior mortgage loans to senior housing and care operators, received $75 million.
- • DRA Growth and Income Fund XII received $75 million, completing the $250 million total.
- • Locust Point's predecessor, Locust Point Private Credit Fund III, closed with $668 million in total capital, and the Teachers' Retirement System of the State of Illinois committed $100 million to Fund IV earlier in 2026.
Summary
LADWP's pension plan has committed $250 million to three real estate-related funds, according to Institutional Real Estate, Inc. The allocation is split across managers including The Vistria Group, Locust Point Capital and DRA Advisors. The largest single commitment, $100 million, went to the Vistria Housing Fund, an open-end, core-plus, value-added strategy focused on workforce housing in the United States.
The plan also committed $75 million to Locust Point Private Credit Fund IV, a closed-end, value-added fund. The fund provides owner-operators in the senior housing and care sector with subordinate debt, preferred equity and opportunistic senior mortgage loans. The Teachers' Retirement System of the State of Illinois committed $100 million to the same fund earlier in 2026. Locust Point's predecessor vehicle, Private Credit Fund III, closed with $668 million in total capital.
The remaining $75 million went to DRA Growth and Income Fund XII. The allocation reflects a mix of core-plus, value-added and credit-oriented real estate exposure, with the plan's commitments spanning both equity and debt positions.
The plan also committed $75 million to Locust Point Private Credit Fund IV, a closed-end, value-added fund. The fund provides owner-operators in the senior housing and care sector with subordinate debt, preferred equity and opportunistic senior mortgage loans. The Teachers' Retirement System of the State of Illinois committed $100 million to the same fund earlier in 2026. Locust Point's predecessor vehicle, Private Credit Fund III, closed with $668 million in total capital.
The remaining $75 million went to DRA Growth and Income Fund XII. The allocation reflects a mix of core-plus, value-added and credit-oriented real estate exposure, with the plan's commitments spanning both equity and debt positions.
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