San Francisco City & County Employees' Retirement System will issue an RFP in the next week to 10 days for its first currency managers to overlay the system's $1.9 billion in international equity assets, said David Kushner, deputy director. Responses would be due by late May; the $11.8 billion pension fund might make a selection in September.
Separately, the system will search this summer for one or more active domestic large-cap growth managers. Funding will come from a $420 million RCM active domestic large-cap growth equity portfolio; the fund this week decided to transfer $200 million from that mandate to a new Russell 1000 Growth index fund managed by Barclays Global Investors. RCM, whose performance has suffered over the past 18 months, can rebid, Mr. Kushner said. A staff memo expressed confidence in the firm's ability to turn performance around. T.J. Deutz, RCM's head of sales and marketing, said the system has been "a fantastic client since 1988 and we continue to work very hard on their behalf to produce the performance they deserve."
The system also committed up to $15 million to Hellman & Friedman Capital Partners V, a large buyout fund, and up to $10 million to Bunker Hill Capital Fund I, middle-market buyout fund.
Angeles Investment Advisors consulted on the currency and growth stock mandates; Portfolio Advisors is the private equity consultant.
