San Francisco City & County Employees Retirement System will issue an RFP Thursday for an emerging markets equity manager, said David Kushner, deputy director for investments. The size of the portfolio has not been determined. The $13 billion plan wants to "replace or complement" Capital International, which runs $337 million in emerging markets growth equities, according to a memo to the board. Capital International, the system's lone emerging markets equity manager, has been on watch since the third quarter of 2003 for performance, the memo said. Chuck Freadhoff, spokesman for Capital International parent Capital Group Cos., said the firm doesn't comment on client activities. Capital International can rebid, Mr. Kushner said. The RFP will be available on the system's website, www.sfgov.org/site/sfers_index.asp; proposals are due Oct. 7. Finalists will be recommended to the board at the Nov. 8 meeting, with a final decision at the Dec. 13 meeting. Angeles Investment Advisors will assist.
Separately, the board committed up to $50 million to GMAC Institutional Advisors' Asia Co-Investment Program and will commit $20 million to the Apollo Investment Fund VI, a buyout fund. Funding will come from "existing resources," Mr. Kushner said.
