San Francisco City & County Employees' Retirement Systems issued an RFP for at least one global equity manager to run a total of about $450 million at its meeting Wednesday, according to multiple sources at the pension fund.
This would be the pension fund's first dedicated global equity allocation; other managers in the global equity asset class are divided into U.S. and international managers.
It is anticipated that the global equity mandate would be for about $450 million and could be allocated to one or more managers, according to a report presented by board consultant, Angeles Investment Advisors at the meeting.
Proposals are due Oct. 7 via e-mail to Anna McGibbons, consultant at Angeles, at [email protected].
The pension fund's board expects to announce finalists in December and select a manager or managers by mid-February.
Separately, the board approved issuing an RFP for global custodian and securities lending services and has retained Callan Associates to assist investment staffers in developing the RFP.
Northern Trust is the current global custodian and securities lending services provider, and has been working for the pension fund since 2008. The retirement system board issues a new RFP for the services every five years.
In other action, the pension fund hired Sankaty Advisors for a $100 million bank loans strategy. Sankaty is the credit affiliate of private equity firm Bain Capital, according to agenda materials for the meeting.
The pension fund also committed $50 million to Gaw Capital Partners' Gateway Real Estate Fund IV, which will focus on real estate in China, and $25 million to the SJC Direct Lending Fund II, managed by Czech Asset Management.
The board also approved retaining Prudential as the third-party administrator for the 457(b) defined contribution plan and Galliard Capital Management to manage the $984 million stable value portfolio.
The pension fund board also retained Cambridge Associates and TorreyCove Capital Partners as alternative investment consultants.
