DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
Public pension
Water Power Employees Retirement Plan
Public pensionmunicipalCA
Assets
$19B
Fiduciary net position, Jun 30, 2025 reported
Funded
n/a
not filed
Private markets target
28.5%
policy Jun 30, 2025
Commitments
0
none on the tape
Allocation policy
ACFR, as of Jun 30, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash and equivalents | Cash | 1.0% | reported retirement.ladwp.com | |||
| Custom fixed income | Fixed income | 20.0% | reported retirement.ladwp.com | |||
| TIPS | Fixed income | 3.5% | reported retirement.ladwp.com | |||
| Hedge funds | Hedge / diversifiers | 5.0% | reported retirement.ladwp.com | |||
| Commodities | Natural resources | 1.5% | reported retirement.ladwp.com | |||
| Private credit | Private credit | 5.0% | reported retirement.ladwp.com | |||
| Private equity | Private equity | 12.0% | reported retirement.ladwp.com | |||
| Developed international large cap equity | Public equity | 10.1% | reported retirement.ladwp.com | |||
| Developed international small cap equity | Public equity | 2.5% | reported retirement.ladwp.com | |||
| Emerging market equity | Public equity | 4.6% | reported retirement.ladwp.com | |||
| Global equity | Public equity | 4.2% | reported retirement.ladwp.com | |||
| Large cap U.S. equity | Public equity | 18.0% | reported retirement.ladwp.com | |||
| Small cap U.S. equity | Public equity | 2.6% | reported retirement.ladwp.com | |||
| Real estate | Real estate | 10.0% | reported retirement.ladwp.com |
Policy periods on the tape: Jun 30, 2025 (ACFR), Jun 30, 2024 (ACFR). Target changes between periods are on the what changed list.
Consultants and advisers
No adviser relationship is on the tape for this allocator. Public systems name theirs in the ACFR; plans list them on Schedule C.
People
No investment staff or executives have been read for this allocator yet.
Manager roster
No manager relationship is on the tape for this allocator.
Commitments
No fund commitments are on the tape for this allocator. The tape holds the plans that publish their own private-markets reports; a plan that publishes one and is not here is a gap we can close.
Size and funding
58 readings
Fiduciary net position
$18B (2024-06) · $16B (2023-06) · $16B (2022-06)
What changed
7 events
- Jun 30, 2025Allocation target changedWater Power Employees Retirement Plan cut its Developed international large cap equity target 10.8% -> 10.1% (2024-06-30 to 2025-06-30)
- Jun 30, 2025Allocation target changedWater Power Employees Retirement Plan raised its Private credit target 2.4% -> 5.0% (2024-06-30 to 2025-06-30)
- Jun 30, 2025Allocation target changedWater Power Employees Retirement Plan cut its Custom fixed income target 21.6% -> 20.0% (2024-06-30 to 2025-06-30)
- Jun 30, 2025Allocation target changedWater Power Employees Retirement Plan cut its Large cap U.S. equity target 19.2% -> 18.0% (2024-06-30 to 2025-06-30)
- Jun 30, 2025Allocation target changedWater Power Employees Retirement Plan raised its Private equity target 10.0% -> 12.0% (2024-06-30 to 2025-06-30)
- Jun 30, 2024Assets changedWater Power Employees Retirement Plan total assets $16.4B -> $17.8B (+9.1%, 2023-06-30 to 2024-06-30)
- Jun 30, 2024Assets changedWater Power Employees Retirement Plan fiduciary net position $16.4B -> $17.8B (+8.5%, 2023-06-30 to 2024-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 100683
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.