San Francisco City & County Employees' Retirement System 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%. Portfolio Advisors, the $10.7 billion plan's alternatives consultant, recommended the moves.
Separately, eight international small-cap equity managers will be interviewed Oct. 23-24, with at least one firm to be hired to run a total of $250 million to $275 million. The firms are AXA Rosenberg; Brandes; DFA; Grantham Mayo van Otterloo; Morgan Stanley; and Wellington Management; as well as incumbents Capital Guardian and Nicholas-Applegate. Angeles is consultant.