San Francisco City & County Retirement System will issue an RFP next week for an alternatives investment consultant. Incumbent Cambridge Associates contract expires June 1; it will be eligible to bid on the new five-year contract. Cambridge signed a one-year contract with the $9.7 billion system after Pacific Corporate Group, selected as alternatives consultant a year ago, withdrew because of the boards debate over fees and charges of political ties. The fund is already at its 12% alternatives target allocation and expects to make only $50 million in new commitments this year.
Separately, trustees voted to retain Northern Trust as master custodian; Angeles was consultant. The system also hired Advent Capital Management to run $100 million in convertibles. It is still negotiating with another, unnamed convertibles manager to run $60 million. Funding for both portfolios came from domestic equities.