San Francisco City & County Employees’ Retirement System on Tuesday committed $25 million to ABRY Advanced Securities Fund II.
The fund is raising approximately $1.3 billion to invest opportunistically in senior debt securities issued by high-quality non-investment-grade media companies, said David Kushner, the fund’s deputy director of investments.
The $14.9 billion system now has $100 million in opportunistic commitments, representing approximately 2.4% of its total fixed-income portfolio.
The fund will be structured in a similar matter as its predecessor, ABRY Advance Securities Fund I, which has provided the system with a gross internal rate of return of nearly 33% on a $25 million investment made in July 2008.
