San Francisco City & County Employees' Retirement System committed up to $23 million to Apax Europe VI, a private equity fund that will invest primarily in Western European and Israeli companies. About 80% of the fund will be invested in growth capital and buyout transactions, with the remainder in later-stage venture capital. Portfolio Advisors assisted.
Also, the board of the $11.9 billion pension fund picked nine semifinalists in its search for at least one active domestic large-cap growth equity manager to run a total of $415 million. Current manager RCM is a semifinalist, along with INTECH, Rigel Capital, Sands Capital, Transamerica Investment Management, Wellington Management and minority managers Apex Capital, Holland Capital and Profit Investment Management. A selection is expected at the board's Nov. 9 meeting. Angeles Investment Advisors consulted.