San Francisco City & County Employees' Retirement System has committed up to $65 million to new private equity fund GTCR Fund XI and up to $50 million to CIM Fund VIII, a new real estate fund, confirmed Norm Nickens, board secretary.
GTCR is raising $3.25 billion for its fund, which will take control positions in middle-market companies. The fund will focus on four key areas of the economy, including information services and technology, financial services and technology, health care and growth business service.
The CIM Group fund, with an expected size of $2 billion, will invest in real estate markets with compelling demographics and growth.
The investment will be placed within the pension fund's opportunistic segment of the real estate program.
The approvals took place at the board's meeting on Wednesday.