San Francisco City & County Employees' Retirement System hired Arrowstreet Capital to manage up to $500 million in global equity and made smaller commitments to two private equity funds and one real estate fund, said Norm Nickens, board secretary.
He said the board on Wednesday also approved committing up to $50 million to Bain Capital Venture Fund 2014, which will invest in core sectors, software, business services, health care and consumer goods.
Another commitment of up to $50 million went to Carlyle International Energy Partners, managed by Carlyle Group, which seeks to invest in middle-market companies participating in the energy supply chain outside of North America.
The board also approved up to $50 million to Gaw Capital Partners' Gaw Capital U.S. Value-Add Fund. Mr. Nickens said the fund seeks to invest in real estate assets in cities across the U.S.
The board also voted to terminate INTECH Investment Management as an equity manager. Agenda materials from the meeting include a recommendation for the firm to be terminated because of management turnover and performance issues. The San Francisco system had $250 million invested with INTECH.
Jane Ingalls, an external spokeswoman for parent company Janus Capital Group, did not immediately respond to phone calls or e-mails seeking comment.
