San Francisco City & County Employees Retirement System will search for a general investment consultant, confirmed Clare Murphy, executive director. The $15 billion system's contract with its current consultant, Angeles Investment Advisors, expires March 31; the firm can rebid, Ms. Murphy said. The RFP is expected to be posted on the system's website, www.sfgov.org, by Jan. 16.
Separately, the board approved private equity commitments of up to $40 million to Thomas H. Lee Fund VI, a buyout fund; and up to $20 million each to Technology Partners Fund VIII, which makes early and late-stage venture capital investments in life science and core industries; and Sankaty Credit Opportunities Fund III, which invests in distressed bank loans, mezzanine investments and structured products.
Lastly, the board approved implementing Sudan divestment procedures and will instruct its money managers not to make new investments in 36 companies that meet the system's criteria for divestment. Investment staff will also write each of the 36 companies stating that the system has suspended new investments with them and intends to liquidate existing investments unless the company shows "it has taken substantial action, or is making sufficient progress toward substantial action, against the government of Sudan," according to a staff memo to the board. As of Dec. 13, the system owned stock in eight of the 36 companies totaling $79.5 million.
