San Francisco City & County Employees' Retirement System is considering an emerging managers program. The board of the $10.7 billion system held an educational session on the topic Oct. 14, and its public investment committee will discuss the issue further on Oct. 17. If the committee gives the go-ahead, the board probably will address the issue at its December meeting.
Also, the board approved a revamp of its $3 billion alternatives investments program, doubling allocations to special situation funds and small- to midsized buyout funds to 20% and 30%, respectively. Large buyout funds were reduced to 20% from 35% of the alternatives portfolio, while venture capital was shaved to 30% from 40%. Alternatives consultant Portfolio Advisors recommended the moves.