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Franklin Templeton, Asia Alternatives to form joint venture

San Francisco City & County Employees executive to lead new firm

Franklin Templeton (BEN) Investments (BEN) and Asian private equity fund-of-funds manager Asia Alternatives will form a joint venture in October to provide global private equity funds of funds, a Franklin Templeton spokeswoman said.

Franklin Templeton will be the majority owner of the new joint venture, Franklin Templeton Private Equity. Financial terms were not disclosed.

The new firm will be led by Arthur Wang, managing director, private markets at the $25.1 billion San Francisco City & County Employees' Retirement System. Mr. Wang, will be the managing partner of the new joint venture and is expected to begin assembling a team in October.

Neither SFERS' Chief Investment Officer William Coaker Jr. nor Alison Johnson, communications manager, could be reached about information on Mr. Wang's replacement.

The San Francisco pension fund is an investor in Asia Alternatives' 2017 fund, the $1.8 billion Asia Alternatives Capital Partners V.

"I'm excited to work with Franklin Templeton and Asia Alternatives to help establish and grow the new FTPE business," Mr. Wang said in a Franklin Templeton news release. "Our private investment strategies will be structured to fill critical gaps in client portfolios. … Our goal is to create customized solutions to provide these benefits to a broad range of institutional investor."

An Asia Alternatives spokesman couldn't be immediately reached.