San Francisco City & County Employees' Retirement System today voted to postpone consideration of a new emerging manager program until December 2005. Since the RFP for a manager of managers was issued on March 16, two of the five semifinalists — Evaluation Associates Capital Markets and Progress Investment Management — have undergone ownership changes. Two others — FIS Funds Management and Northern Trust Global Advisors — experienced senior management changes in the past few years, according to staff at the $11.8 billion system and its consultant, Angeles Investment Advisors. The fifth firm, Bivium Capital Partners, never was a serious contender because of lack of track record and no assets under management, according to staff.
Separately, the board approved giving staff discretion to sell up to $30 million in secondary private equity interests and purchase up to the same amount on the secondary market. Also, the board approved committing up to $12 million to Knightsbridge Venture Capital VI, an early stage fund of funds. Portfolio Advisors assisted on the private equity decisions.
In addition, the board approved increasing by $50 million the system's allocation to an apartment co-investment program with GMAC, raising it to $180 million. Townsend Group assisted.