San Francisco City & County Employees' Retirement System narrowed to four the list of candidates in its search for a general consultant.
The $19.9 billion pension fund issued an RFP in October because Angeles' contract was expiring.
Separately, the pension fund drastically increased its private equity commitments in 2014, with the final tally expected to be more than $900 million. That compared with $342 million in 2013 and an average of $303.4 million annually in the three-year period ended Dec. 31, 2013, according to a review of the program by private equity consultant Cambridge Associates presented at Wednesday's board meeting.
The report shows the pension fund made commitments to 14 new private equity funds in 2014, including six new fund commitments to emerging markets funds, totaling $387 million.
The private equity program had $2.242 billion in assets as June 30. Unfunded commitments accounted for $1.604 billion.
Some board members have pushed for an expansion of the private equity program as an alternative to Mr. Coaker's plan to invest in hedge funds. The board is expected to make a decision on whether to introduce a hedge fund program at its meeting Feb. 11.
But Mr. Coaker has said that significantly expanding the private equity program and finding top-tier managers would be difficult.