Key Takeaways
- • The Los Angeles Water and Power Employees' Retirement Plan approved three real estate and credit fund commitments totaling $250m (€223.1m), according to a board document reported by IPE Real Assets.
- • The plan committed an additional $100m to the Vistria Housing Fund, an open-ended, core-plus vehicle investing in US workforce housing, following an initial $100m allocation to the same vehicle in February 2026.
- • The Vistria commitment is split between the Retirement Fund ($80m) and the Retiree Health Benefits Fund ($20m).
- • The pension also committed $75m each to Locus Point Private Credit Fund IV and DRA Growth & Income Fund XII.
- • Locus Point Private Credit Fund IV is seeking $750m for US real estate debt, while DRA Growth & Income Fund XII is targeting $2.25bn for US value-add real estate.
Summary
The Los Angeles Water and Power Employees' Retirement Plan has approved three real estate and credit fund commitments totaling $250m (€223.1m), according to a board document cited by IPE Real Assets. The largest single allocation is a further $100m commitment to the Vistria Housing Fund, which builds on an initial $100m investment the pension made in the vehicle in February 2026. The new Vistria allocation is divided between the pension's Retirement Fund, which contributes $80m, and its Retiree Health Benefits Fund, which contributes $20m.
Vistria Housing Fund is an open-ended, core-plus vehicle that invests in US workforce housing. The pension has also committed $75m each to two other vehicles: Locus Point Private Credit Fund IV and DRA Growth & Income Fund XII. Locus Point Private Credit Fund IV is seeking $750m to target US real estate debt opportunities. DRA Growth & Income Fund XII is targeting $2.25bn for value-add real estate investments across the United States.
The commitments span core-plus housing, real estate credit and value-add equity, reflecting a diversified real assets approach by the plan. The source does not specify the fund closing dates or the expected returns on these commitments.
Vistria Housing Fund is an open-ended, core-plus vehicle that invests in US workforce housing. The pension has also committed $75m each to two other vehicles: Locus Point Private Credit Fund IV and DRA Growth & Income Fund XII. Locus Point Private Credit Fund IV is seeking $750m to target US real estate debt opportunities. DRA Growth & Income Fund XII is targeting $2.25bn for value-add real estate investments across the United States.
The commitments span core-plus housing, real estate credit and value-add equity, reflecting a diversified real assets approach by the plan. The source does not specify the fund closing dates or the expected returns on these commitments.
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