San Francisco City & County Employees' Retirement System on Tuesday committed a total of up to $90 million to three Weathergage Capital venture capital funds of funds and up to $20 million to GTCR Fund X, a buyout fund.
The $14.9 billion system committed up to $50 million to Weathergage Project A, and up to $20 million each to Weathergage Venture Capital II and Weathergage Micro-Venture Capital Overage Fund.
The Weathergage commitments will give the system a way to partner directly with elite venture capital funds, while preserving confidentiality requirements imposed by the managers, according to an investment staff recommendation given to board members.
The GTCR fund will focus on small/middle market buyouts, according to the investment staff recommendation. The fund's target is $3 billion.