San Francisco City & County Employees Retirement System committed up to $50 million to GMAC Institutional Advisors' Asia Co-Investment Program and also will commit $20 million to the Apollo Investment Fund VI, a buyout fund. Funding will come from "existing resources," said David Kushner, deputy director for investments.
Separately, the $13 billion plan on Thursday will begin searching for an emerging markets equity manager to "replace or complement" Capital International, which runs $337 million in emerging markets growth equities, according to a memo to the system 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.
The size of the portfolio has not been determined, Mr. Kushner said; Capital International can rebid. 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.