San Francisco City & County Employees' Retirement System committed up to $100 million to Clearlake Capital Partners IV, managed by Clearlake Capital Group, said Norm Nickens, board secretary.
The commitment was approved in closed session at the board's April 8 meeting but was only publicly disclosed at the board's July 8 meeting. An initial investment of $50 million by the retirement system closed on June 9.
The Clearlake fund makes investments in distressed/stressed companies. The investment is classified as a “special situations” investment within the $20.5 billion pension fund's $2.3 billion private equity portfolio.