San Francisco pension fund commits $70 million to 2 funds
By Kevin Olsen | August 10, 2012 3:28 pm
San Francisco City & County Employees' Retirement System committed a total of up to $70 million to two alternatives funds, confirmed spokesman Norm Nickens.
The $15.3 billion system committed up to $50 million to Brookfield Strategic Real Estate Partners, a global opportunistic fund managed by Brookfield Asset Management. The fund focuses on investments in direct properties, real estate companies and distressed loans and securities. It is the retirement system's first investment with Brookfield.
Townsend Group assisted.
The system also committed up to $20 million to Trinity Ventures XI, an early stage venture capital fund that targets investments in information technology companies. SFERS committed $10 million to Trinity Ventures X in 2009.
Portfolio Advisors assisted.
Separately, the board terminated Perimeter Capital Management's $182 million domestic small-cap growth equity portfolio because of personnel changes and performance. The assets will be parked in a Russell 2000 Growth index fund.
Mark Garfinkel, managing partner and chief investment officer at Perimeter, was not immediately available for comment.