LADWP commits $250m across Vistria, Locust Point and DRA funds

The Los Angeles Department of Water and Power Employees' Retirement Plan committed $250 million to three real estate funds, according to IREI, which reported the allocations.

Vistria Housing Fund, an open-end vehicle investing in U.S. workforce housing, took the largest slice at $100 million. IREI describes the fund, managed by The Vistria Group, as open-end, core-plus and value-added.

Locust Point Private Credit Fund IV received $75 million, and the Teachers' Retirement System of the State of Illinois committed $100 million to the same fund earlier in 2026. The closed-end, value-added fund provides owner-operators in the senior housing and care sector with subordinate debt, preferred equity and opportunistic senior mortgage loans. Locust Point's predecessor fund, Private Credit Fund III, closed with $668 million in total capital.

DRA Growth and Income Fund XII received $75 million and is aiming to raise $2.75 billion. The closed-end, value-added vehicle targets office, industrial, multifamily and retail properties in primary and secondary markets throughout the United States. The Montana Board of Investments recently committed $50 million to it. The previous fund in the series, DRA Growth and Income Fund XI, raised $2.3 billion in equity.

Only the Vistria vehicle is open-end. Locust Point IV and DRA XII are closed-end drawdown funds, which typically call capital over an investment period rather than at signing.