San Francisco City & County Employees' Retirement System disclosed five new commitments and investments totaling up to $3.435 billion, said a CIO report for the pension fund's Wednesday board meeting.
The $24 billion pension fund's board approved at its Nov. 8 meeting up to $3 billion to San Francisco Absolute Return Investors II. The pension fund in the report said the approval was specifically for "up to 17% of SFERS Total Plan (at the time, $23.5 billion), less the $1 billion of capital previously committed" to the limited partnership between SFERS and Blackstone Alternative Asset Management .
According to the report, $1 billion was invested in 16 different funds on Jan. 1 in through San Francisco Absolute Return Investors II.
Also approved at the Nov. 8 board meetings were commitments of up to $100 million to Real Estate Capital Asia Partners V, an opportunistic real estate fund managed by SC Capital Partners; up to $75 million to Crow Holdings Self-Storage Fund, a value-added real estate fund managed by Crow Holdings Capital; and up to €50 million ($60 million) to Nordic Capital Fund IX, a buyout fund.
The commitment to Crow Holdings is the pension fund's first with the manager. The pension fund previously committed up to $100 million to Real Estate Capital Asia Partners IV in 2014 and $46 million to Nordic Capital VII in 2013.
Finally, the report disclosed board approval in June 2017 for an investment of up to $200 million in hedge fund Rock Springs Capital Fund.
