San Francisco moving $100 million to venture capital fund

San Francisco City and County Employees' Retirement System approved a commitment of up to $100 million to New Enterprise Associates 16, a venture capital fund.

New Enterprise Associates specializes in investing in early-stage companies in information technology, medical and life sciences. The investment is classified as a venture capital investment within the $21.5 billion retirement system's $3.1 billion private equity portfolio.

According to minutes of the system's April 11 meeting, board approval came in the March 8 closed session.