San Francisco City & County Employees’ Retirement System hired European Investors and ING Clarion Real Estate Securities to run a combined $150 million in publicly traded real estate securities, a new investment for the $1.63 billion real estate portfolio. Funding will come from reducing the $16.9 billion pension fund’s allocations to domestic and international equities, according to a previous board agenda.
The system also will invest up to $30 million each to ABRY VI, which invests in the media, entertainment and communications industry, Advent International GPE VI, a global middle-market buyout fund; and Actis Emerging Markets 3; as well as up to $10 million to Clarus Lifesciences II, which invests in biopharmaceuticals and medical devices.
Separately, the contract of the system’s alternative investment consultant, Portfolio Advisors, expires on June 30. The system will conduct a search.