San Francisco City & County Employees' Retirement System hired Callan Associates as its first real assets consultant, confirmed Robert Shaw, interim deputy director of investments.
The $18.2 billion pension plan issued an RFP in May. Callan replaces Townsend Group, which served as real estate consultant. The investment policy was revised in 2011 to include real estate with a real assets portfolio.
Staff interviewed Callan, Hewitt EnnisKnupp, Meketa Investment Group and Real Asset Portfolio Management in July, Mr. Shaw said.
The pension plan has a target allocation of 12% to real assets and an actual 8.7% allocation, all currently in real estate. Mr. Shaw said an asset/liability study will be conducted next year, so the allocation could change.
Separately, the pension fund committed $50 million to ECP Fund II, an energy infrastructure fund managed by Energy Capital Partners. It had committed $20 million to the predecessor fund.
