San Francisco City & County Employees' Retirement System added an "opportunistic strategies" category to its active domestic equity, international equity and fixed-income portfolios, said David Kushner, deputy director for investments at the $14.5 billion fund. The target range for the new allocation will be zero to 5% of assets in each asset class. The change will provide flexibility to invest in strategies that do not generally fit within existing sub-asset classes, including REITs, 130/30, portable alpha and private placement bonds, according to a report from Angeles Investment Advisors, the system's investment consultant.
"There are too many opportunities that we see that don't fit nice and square into one of the boxes," Mr. Kushner said.
No searches are currently planned, Mr. Kushner said.
Additionally, the board approved an investment staff recommendation to commit up to $20 million to Avenue Asia Special Situations Fund IV and up to $10 million in Syncom Fund V.
