Searches and Hires

San Francisco City & County commits up to $680 million

San Francisco City & County Employees' Retirement System, made new commitments and investments totaling up to $680 million, said a report from William J. Coaker Jr., chief investment officer, for the pension fund's upcoming board meeting on Tuesday.

The $24.4 billion pension fund committed up to $200 million to two funds managed by BVF Partners: Biotechnology Value Fund and Biotechnology Value Fund II. The initial investments of $60 million and $40 million to the funds, respectively, closed on June 29, and the remaining $100 million commitment "is expected to be invested opportunistically over the following six to 12 months," the report said.

The pension fund also committed up to $100 million to Fortress Japan Opportunity Fund IV and up to $75 million to Fortress Real Estate Opportunities Fund III, real estate funds managed by Fortress Investment Group. The pension fund previously committed up to $75 million each to Fortress Japan Opportunity Fund III and Fortress Real Estate Opportunities Fund II in 2015.

SFERS also made direct hedge fund investments of $100 million each in BeaconLight Domestic Fund, a fundamental equities fund managed by BeaconLight Capital, and GSA QMS Fund, a multiasset quantitative fund managed by GSA Capital Partners. The investments were made through San Francisco Absolute Return Investors II, a limited partnership between SFERS and Blackstone Alternative Asset Management.

The pension fund also committed up to $75 million to TowerBrook Investors V (Onshore), a buyout fund managed by TowerBrook Capital Partners, and up to $30 million to Long Hill Capital Venture Partners 2, a venture capital fund managed by Long Hill Capital Management.

As of June 30, the pension fund's absolute return, private equity and real assets allocations were 9.7%, 17.2% and 14.5%, respectively.