San Francisco City & County Employees' Retirement System made two real estate commitments worth a total of up to $75 million, confirmed Robert Shaw, managing director, public markets, at the $15.5 billion system.
The pension system committed up to $50 million to Almanac Realty Securities VI and up to $25 million to Fortress Japan Opportunity Fund II. The retirement system previously invested about $40 million to Almanac Realty Securities V in 2008; this is the pension fund's first commitment to a Fortress fund, Mr. Shaw said in a telephone interview.
Separately, the board approved an RFQ for investment legal services. The system periodically searches for external law firms that can help with contracts in alternatives and real estate, Mr. Shaw said. He expects a list of two or three firms in those areas.