San Francisco City & County Employees' Retirement System made new commitments and investments totaling $551 million, said a report from William J. Coaker Jr., chief investment officer, for the $25.6 billion pension fund's upcoming board meeting Wednesday.
Within absolute return, the pension fund invested $175 million in ExodusPoint Partners Fund, a multistrategy hedge fund managed by ExodusPoint Capital Management; $100 million in Solus Long-Term Opportunities Evergreen Fund, a distressed credit hedge fund managed by Solus Alternative Asset Management; and $25 million in East Lodge Capital Credit Opportunities Fund, a long/short structured credit strategy focused on European and global opportunities. The investments were made through San Francisco Absolute Return Investors II, a limited partnership between SFERS and Blackstone Alternative Asset Management.
Within real assets, the pension fund committed $100 million to Blackstone Energy Partners III, a private equity energy fund managed by Blackstone Group. SFERS committed up to $50 million to Blackstone Energy Partners II in 2014. The pension fund also committed $25 million to Pamfleet Real Estate Fund III, an Asia-Pacific real estate fund managed by Pamfleet Group. It is SFERS' first commitment to a Pamfleet fund.
For private equity, the pension fund committed $48 million to GGV Capital VII, $20 million to GGV Discovery II and $12 million to GGV Capital VII Plus, all venture capital funds; $21 million to Polaris Growth Fund I, a growth equity fund managed by Polaris Partners; and committed $15 million to Level Equity Growth Partners IV and $10 million to Level Equity Opportunities Fund 2018, both growth equity funds managed by Level Equity Management.
As of Aug. 31, the pension fund's actual allocations to private equity, real assets and absolute return were 17.3%, 14.4% and 12.2%, respectively.
Separately, the report said Anna Langs joined the pension fund on Aug. 22 as managing director of asset allocation, risk management and innovative solutions. Further information, including whether the position is new and where Ms. Langs came from, could not be immediately learned.
Also, Arthur Wang, managing director of private markets, has left the pension fund. Mr. Wang joined SFERS in 2013 as its first managing director of private markets. Mr. Wang in October will begin leading Franklin Templeton Private Equity, a new joint venture between Franklin Templeton Investments and Asian private equity fund-of-funds manager Asia Alternatives, to provide global private equity funds of funds.
Darlene Armanino, executive assistant, could not be immediately reached to provide further information.
