San Francisco City & County Employees' Retirement System committed up to $50 million to Hellman & Friedman Capital Partners VIII at its meeting Wednesday, said Norm Nickens, the board's secretary.
The buyout fund is the firm's first major fundraising effort since co-founder Warren Hellman's death in 2011. It's hard close would be $10.25 billion from limited partners, and firm officials are committing $450 million, according to agenda materials prepared for the board meeting.
The board also approved hiring Cambridge Associates as its real assets consultant. Mr. Nickens said financial terms of the contract are pending.
Cambridge replaces Townsend Group, which was one of three finalists. The other finalist was Real Asset Portfolio Management.
The $20 billion pension fund's board had previously awarded the contract to Callan Associates last fall, but the consultant and retirement system officials were unable to agree on the terms of a new contract, requiring the issuing of a new RFP.